Summary
- A ShayanMarkets analyst reported that the increased selling pressure on Ethereum raises the possibility of further decline.
- The taker buy-sell ratio indicator suggests uncertainty about Ethereum rising.
- If Ethereum undergoes a major correction, $2200 will be a key support level.
An analysis has emerged that the selling pressure on Ethereum (ETH) is increasing.
On the 26th (local time), a ShayanMarkets cryptocurrency analyst reported in a report that "according to the ETH taker buy-sell ratio indicator, uncertainty about the possibility of Ethereum rising is increasing," and "the 14-day moving average of this ratio has recently fallen sharply. This indicates that aggressive selling pressure has increased." He added, "Ethereum is hovering near the resistance line, with profit-taking and partial selling continuing."
Furthermore, the possibility of further decline was also raised. He said, "If the taker buy-sell ratio continues to fall, Ethereum could undergo a larger correction," stating that "in this case, $2200 will be a major support level."
As of 5:34 PM, Ethereum is trading at $2574 on the Binance USDT market, up 3.55% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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