ETH Price Slips After Recent Rally – Where Could It Head Next?

Main Takeaways:-

• Ethereum declined to $2,476 after being denied at $2.7K, pointing to a 3.05% 24-hour decline.
• On the spot market, 113.1K ETH were sold while only 90K were bought. This shows that more people are selling than buying, which suggests stronger selling pressure.

Sellers Dominate as Taker Buy-Sell Ratio Drops Sharply

According to CryptoQuant, the 14-day Moving Average of the Taker Buy-Sell Ratio declined quickly. Generally, this change marked a growing strong selling pressure outweighing buying.

Both small and big Ethereum holders are selling more now. Big holders, called whales, have sold more Ethereum than they have bought.

Into TheBlock’s Large Holder Netflow number went negative, showing -12.7K ETH. This means big Ethereum holders (whales) sold more than 188.6K ETH in just one day.

With this metric declining to negative, it indicates that whales are presently in selling mode.

This selling trend is also seen with regular traders, as more people are selling than buying in the spot market.

Looking at the spot market, there were 22.53k more Ethereum sold than bought on the last day.

A negative number means more people are selling than buying. Right now, 113.1k ETH were sold, but only 90k ETH were bought.

Crucial Test for ETH: Is a Drop Below $2.2K Coming?

Ethereum is trading around a breakdown zone as selling momentum stays firm.

At present, Bears dominate the market, raising the risk of further price drops. If the selling pressure remains, Ethereum could experience an extended downturn, with $2.2K as a key support level. Maintaining above $2.2K is critical to avoid a decline under $ 2 K.

If most of the selling is done by short-term traders who quickly give up, it might mean the price is just taking a break before going up strongly again.

If selling slows down, Ethereum’s price could rise back to $2.7K and maybe even $3K, but buyers need to start strong again for that to happen.

Read also:- What Could Move Crypto This Week? 5 Key Drivers

Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.