Analysis: Ethereum Faces Further Downside as Binance Selling Pressure Persists

Ethereum has remained under pressure in recent trading, with selling still dominating Binance's spot market, according to a CryptoQuant analysis.

CryptoQuant contributor Arab Chain wrote on June 15 that Binance's Ethereum cumulative volume delta, or CVD, momentum indicator continues to show persistent selling pressure.

CVD measures the cumulative gap between market buy orders and market sell orders. A falling CVD generally indicates sell orders are outpacing buy orders.

According to Arab Chain, Binance's Ethereum CVD has dropped to about negative 8,400 ETH. The decline coincided with ETH recently falling to around $1,670.

Ethereum held above $2,200 in April and May, but conditions changed in June. As the price fell, CVD also deteriorated sharply, showing that selling pressure was increasing.

The 30-day moving correlation coefficient between price and CVD stands at about 0.82. That suggests changes in order flow are exerting a strong influence on price moves, and that the current CVD trend could be a key indicator of Ethereum's next direction.

Arab Chain said the data reflects risk-off sentiment and caution among Binance traders. If CVD remains in negative territory, Ethereum could face further volatility and downward pressure.

He added that if CVD turns upward, it could signal a return of buying interest and improving investor sentiment. That could mark an early sign of price stabilization or a new rebound phase for Ethereum.