Ethereum is struggling. While Bitcoin reached a new all-time high in November '24, Ethereum has yet to break its record despite the recent ETF approval.

The main reason? Sellers are overwhelmingly dominant.

They have outnumbered buyers since February 2024—more than a year. During this time, the price of Ethereum has dropped from around $4,000 to $1,800.

However, the situation may be changing.

Sellers are losing momentum. Net selling volume is showing lower levels, while the price of Ethereum is making lower lows—a classic bullish divergence.

It may just be a matter of time before sellers lose control and buyers take the lead. This shift could mark a bottom.

Whether it’s temporary or a long-term reversal is hard to say at this moment—but one thing is almost certain: the bottom is near.