Summary
- Ethereum is experiencing increased selling pressure as whale investors reduce their positions.
- The Taker Buy Sell Ratio and MACD indicators for Ethereum both suggest a selling trend.
- It was added that if the selling pressure on Ethereum intensifies, it could fall to $2558.
On the 1st (local time), the cryptocurrency media BeInCrypto reported that Ethereum (ETH) might fall below $3000 due to downward pressure.
The media stated, "According to IntoTheBlock data, the net flow of whales holding more than 0.1% of the ETH supply has plummeted by 73.19% over the past 7 days," analyzing that "this means large investors are reducing their positions."
It continued, "The Taker Buy Sell Ratio indicator for Ethereum has also remained below 1 for most of the past 7 days," indicating that "the selling pressure from derivative traders continues."
Additionally, it noted, "The MACD (Moving Average Convergence Divergence) histogram on the ETH/USD daily chart also points to a negative value, showing a bearish trend," adding that "if the selling pressure intensifies, Ethereum could drop to $2558. On the other hand, if market sentiment improves and whales resume accumulation, it could rise to $3415."
Meanwhile, ETH is trading at $3348.70, down 0.35% from the previous day, based on the Binance Tether (USDT) market as of 03:57 on the 2nd.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
