Ethereum loses support and on-chain data indicates selling pressure.

• Ethereum loses key support today, increasing selling pressure.
• On-chain data shows holders are close to incurring losses.
• The price of ETH could test $2.175 in the short term.

Ethereum was trading at $2.183,25 at the time of publication, down 3% in the last 24 hours. The asset retreated from a recent high of $2.325 to a low of $2.212, in a move accompanied by the highest selling volume since April 8.

The break below the 50-period simple moving average (SMA 50), located at US$2.242, marks a significant change in the short-term structure. This level, which had been acting as support during the recovery, is now acting as resistance, reinforcing the technical pressure on the price.

The RSI at 37,12 is approaching the oversold zone, but there is still no clear sign of a reversal. The distance from the signal line indicates that momentum has rapidly lost strength, which usually precedes periods of consolidation or a continuation of the decline if there is no influx of demand.

In terms of volume flow, a reduction in selling aggression has been observed in recent hours. However, the absence of more active buyers suggests a lack of conviction in the short term, keeping the asset exposed to further support tests.

The level between $2.175 and $2.180 stands out as the main defensive zone. This support has already been respected in previous corrections and tends to define the next price movement if it is tested again.

On-chain data reinforces this interpretation. Information from CryptoQuant shows that large groups of holders are nearing the break-even point. The group holding between 10 and 100 ETH is already showing a slight loss, while the largest wallets still maintain a positive position.

This imbalance is significant because investors experiencing losses tend to increase supply in the market to reduce exposure. This can intensify selling pressure in the short term, especially if current support is lost.

Historically, this type of setup has led to opposite movements. In 2022, it preceded a deeper drop, while in 2021 it occurred before a new high. In the current scenario, the combination of technical weakness and holders close to losses suggests that testing the US$2.175 region is the most likely path in the short term.