The price of Ethereum has been on a week-long rise, moving closer to the expected milestone of $3,000. However, this upward trend is being challenged by significant investors who are selling off their holdings, creating resistance and potentially hindering Ethereum's continued climb.

Recent data on Ethereum's Liveliness metric indicate a notable increase in selling activity among long-term holders (LTHs). This surge in selling is the most significant seen in three months, suggesting that key investors are cashing in on profits at current price levels. Given that LTHs are fundamental to an asset, their selling could exert downward pressure on Ethereum's price.

The selling behavior of long-term holders often indicates doubts about further price growth in the short term. This cautious approach could present obstacles, potentially restraining Ethereum's ability to sustain its recent rally and challenge higher resistance levels.

According to the Ethereum In/Out of the Money Around Price (IOMAP) analysis, a crucial support zone lies between $2,345 and $2,421. Approximately 64 million ETH tokens, valued at around $164 billion, were acquired within this price range. These holders are unlikely to sell at a loss, providing robust price support.

Maintaining this support level is crucial as it may prevent Ethereum from experiencing a steep decline even if short-term selling intensifies. Investors who bought within this range are less likely to sell their holdings, helping to stabilize price movements and mitigate downside risks.

Ethereum’s current price stands at $2,577, having surged by 42% in the last week. To continue its upward trajectory, Ethereum needs to overcome the resistance at $2,654. Although facing challenges from LTH selling, Ethereum may be supported by the strong price range mentioned earlier, preventing a significant drop. Thus, once selling pressure eases, Ethereum could have an opportunity for further gains, provided it secures $2,814 as a support level.

However, if market conditions deteriorate, Ethereum could be exposed to increased selling pressure as investors look to minimize losses. Breaking below $2,344 could trigger further declines to $2,141, compromising the bullish outlook and potentially stalling the rally.