- Ethereum, that cheeky little rascal, has tumbled to $2,476 after a rather rude rejection at $2.7K, marking a 3.05% decline in the last 24 hours. Oh, the humanity! 😱
- In the spot market, a staggering 113.1K ETH were sold while only 90K were bought, reinforcing the sell-side dominance. Talk about a one-sided affair! 🎭
After a brief dalliance with the $2.7K mark just two days ago, Ethereum [ETH] has faced a rather strong rebuff. Since then, our dear altcoin has plummeted to a low of $2463. It seems the market has decided to play hard to get!
At the time of writing, it was trading at $2,476, down 3.05% over the last 24 hours. A classic case of “what goes up must come down,” wouldn’t you say?
This pullback wasn’t merely a technical hiccup; it was fueled by a rising conviction among sellers, both in derivatives and spot markets. A veritable stampede of sell orders!
Taker Buy-Sell Ratio Takes a Nosedive as Sellers Seize Control
According to the ever-reliable CryptoQuant, the 14-day Moving Average of the Taker Buy-Sell Ratio has taken a sharp dive. Naturally, this shift indicates that aggressive sell orders are overpowering the timid buys. A classic case of the strong eating the weak!
This selling pressure has intensified among both small and large holders alike. In fact, it appears that Ethereum’s large holders have been selling more than they’ve been buying. Quite the turn of events!
IntoTheBlock’s Large Holder Netflow metric has flipped negative, plummeting to -12.7K ETH. This means that whales have sold over 188.6K ETH in just one day. Talk about a feeding frenzy!
With this metric now in the red, it suggests that our aquatic friends, the whales, are firmly in selling mode. 🐋
This market behavior is also mirrored among retailers, with spot activities being dominated by sellers. It’s a veritable sell-a-thon!
When we examine the Spot Buy vs. Sell Volume, the market recorded a negative delta of 22.53k over the past day. A negative value here suggests that more sell orders are currently being executed. In other words, 113.1k ETH were sold while only 90k ETH were bought. A rather lopsided affair, if I do say so!
Will ETH Crack Below $2.2K Next?
Ethereum is currently teetering on the brink of a breakdown zone as bearish momentum remains as strong as a cup of Earl Grey on a rainy day.
Bears are currently ruling the roost, increasing the risk of further price declines. If this selling pressure continues, Ethereum could face a deeper correction, with $2.2K as a key support level. A precarious position, indeed!
Holding above $2.2K is crucial to prevent a drop below $2K. However, if this sell-off is primarily driven by short-term traders or “weak hands,” it could signal a consolidation phase before a larger bullish breakout. Fingers crossed!
A slowdown in selling pressure could push ETH back toward $2.7K, and possibly even $3K, but the bulls will need to regain their momentum first. A tall order, but not impossible!
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2025-05-26 07:38