Ethereum [ETH] Continues to Face Selling Pressure on Binance
Ethereum [ETH] has been facing significant selling pressure on the Binance exchange, leading to a decline in its price over the past month. Since reaching a high of $3,746 a week ago, ETH has been on a downward trend, currently trading at $3,196, marking a 2.17% decline on daily charts. The altcoin has also dropped by 12.67% on weekly charts and 18.61% on monthly charts.
According to analysis from CryptoQuant, the selling pressure on Binance has been dominating Ethereum since November 2024. The Taker Buy/Sell Ratio for ETH has remained negative, indicating a higher volume of sell orders compared to buy orders. This sustained selling pressure has pushed the ratio to levels not seen since August 2023, reflecting a bearish sentiment in the market.
Despite attempts by buyers to take control in December, sellers quickly regained the upper hand, reinforcing the downward momentum. The prevailing bearish sentiment in the market has led to a cautious approach from investors, with a potential buying opportunity for long-term holders emerging as the selling ratio continues to rise.
The impact of this selling pressure can be seen in Ethereum’s price charts, with indicators such as the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) showing a negative trend. The CMF sitting at -0.08 indicates that sellers are dominating the market, while the RSI has dropped to almost oversold territory at 38, further confirming the control of sellers.
Additionally, Ethereum’s inflow into exchanges has spiked over the past week, indicating higher selling pressure as investors tend to sell when making these transfers. The Estimated Leverage Ratio (ELR) for ETH has also been on the rise, signaling a bearish sentiment and increasing the risk of a long squeeze if prices continue to drop.
In conclusion, Ethereum is currently under strong selling pressure, and if the current market conditions persist, the altcoin could decline further to $3,030 and potentially drop below $3,000 to find support around $2,810. However, if a reversal emerges, ETH could reclaim $3,300. Investors should closely monitor the market dynamics and be prepared for potential price fluctuations in the coming days.
This article is based on the original analysis of Ethereum’s selling pressure on Binance and provides insights into the current market conditions for the altcoin. Stay tuned for more updates on Ethereum’s price movements and market trends.
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