Ethereum has been struggling to recover, remaining around the $1,700 level for several days without gaining significant momentum despite attempts to increase. The lack of progress in price movement has led to large sell-offs by Ethereum whales, which has further fueled the bearish sentiment in the market.

Over the last three days, addresses holding between 100,000 and 1 million ETH have sold approximately 1.19 million ETH, equivalent to over $1.8 billion. This selling activity by major holders indicates a change in market sentiment as they likely aim to offset potential losses from the stagnant recovery. With Ethereum unable to gather momentum above $1,700, these large holders are taking advantage of current price levels to drive the market lower, reflecting a lack of confidence in Ethereum's short-term price movement.

The overall outlook for Ethereum appears weak, as shown by the significantly negative MVRV Long/Short Difference of -29%, suggesting that long-term holders (LTHs) are struggling to maintain profitability. Short-term holders (STHs), on the other hand, tend to sell quickly after making a profit, adding to the volatility and bearish pressure on Ethereum's price.

As short-term investors continue to divest holdings, Ethereum may face downward pressure, especially in the absence of substantial catalysts to drive the price upwards. Ethereum's current price stands at $1,570, staying above the critical support level of $1,533. However, if bearish sentiment persists, further declines are possible.

Reclaiming $1,625 as support could pave the way for another attempt to surpass $1,700. A successful breach of this level might propel Ethereum towards $1,745, potentially reversing the bearish trend and setting the stage for a bullish reversal.