Ethereum Faces Continued Selling Pressure on Binance Amid Persistent Bearish Sentiments

  • Ethereum continues to face significant selling pressure, predominantly on Binance, reflecting a persistent bearish sentiment in the market.

  • This tumultuous trend has led to a notable decline in Ethereum’s value, with recent reports indicating an 18.61% drop over the past month.

  • “The sustained selling pressure highlights a market both bearish and cautious,” noted an analyst from CryptoQuant.

Ethereum faces ongoing selling pressure, impacting prices significantly; is there hope for recovery amidst bear market sentiments?

Ethereum’s Selling Pressure Dominates Market Trends

Recent analyses indicate that Ethereum is grappling with pronounced selling pressure, especially on the Binance platform. According to CryptoQuant’s research, this trend has been particularly evident since November 2024, where ETH’s trading behavior has reflected significant declines.

Ethereum Selling Pressure Chart

As observed, the Taker Buy/Sell Ratio—a critical metric in analyzing market sentiment—has remained firmly negative for an extended period. This indicates that sell orders have vastly outnumbered buy orders throughout the recent downturn. Such a scenario points toward a prevailing mood of pessimism among investors, as the market grapples with fear and uncertainty.

The Broader Implications of Selling Pressure on ETH Prices

The persistent selling pressure is adversely affecting Ethereum’s price movements. Current data reveals that Ethereum is trading at approximately $3,196, which marks a 2.17% drop within a single day. The bearish trend has shown significant momentum with a monthly decline of 18.61%, originating from a recent high of $3,746.

Ethereum DMI Chart

Quantifying this pressure, the Chaikin Money Flow (CMF) has also flipped negative, confirming the dominance of sellers in the current market scenario. Coupled with a declining Relative Strength Index (RSI), which hovers around 38, the indicators suggest that ETH may be close to oversold territory.

Ethereum Netflows Chart

The increases in inflow into exchanges—soaring from -50.77k to 103.77k—further underline the potential for increased selling pressure as investors often liquidate assets shortly after transferring their holdings to exchanges.

Ethereum Leverage Ratio Chart

Moreover, the Estimated Leverage Ratio (ELR) has demonstrated a consistent increase, a worrying sign that may suggest heightened risks for investors holding long positions as it typically signals a bear market.

Conclusion

Summarizing the situation, Ethereum is currently under substantial selling pressure, with bearish sentiments significantly affecting its trading landscape. Should this trend persist, prices may decline towards levels of $3,030—and possibly below $3,000, emphasizing critical support around $2,810. Nonetheless, if the bearish momentum wanes and a market reversal occurs, Ethereum might be positioned to reclaim its gains, crossing the psychological threshold of $3,300.

BREAKING NEWS

Bitmine’s 2.83M ETH Position Suffers $1.93B Unrealized Loss After Morning Dip

Onchain Lens reported on social media that Bitmine sustained...

October 11: Hackers Panic-Sell 5,480 ETH (~$20.47M), Suffer $3.7M Loss After Buying at $3,735

On October 11, COINOTAG News reported that LookIntoChain's on-chain...

Cosmos (ATOM) Flash Crash on Binance: USDT Pair Dips to $0.001 at 5:00 AM, Rebounds to $3.08 — BlockBeats Oct 11

COINOTAG reported on October 11 that, according to market...

Whale “7 Siblings” Accumulates ETH Again — Borrows $40M on Aave, Buys 1,326 ETH at $3,771

COINOTAG News (October 11) cites on-chain data from Yujin...

BTC Crash Triggers Massive Aave Liquidations: Whales Lose $23.9M in cbBTC

COINOTAG reported on October 11 that on-chain monitoring by...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img