Ethereum Price Drops 5% Amid Market Cooldown and Selling Pressure

Ethereum's price has declined approximately 5% over the past week, currently trading around $3,633. The price fluctuated between $3,500 and $3,700 recently, reflecting a broader market cooling as traders take profits after previous gains.

Derivatives Market Insights

Analyst Darkfost reports increased selling pressure in the ETH futures market.
Attempts to surpass the $4,000 resistance level have been unsuccessful, indicating market hesitancy.
Ethereum's taker buy/sell ratio on Binance is at 0.87, suggesting sell orders dominate.
Downward trends in seven-day and 30-day simple moving averages indicate slowing momentum.
Binance holds the largest share of ETH futures open interest, influencing market sentiment.

Long-Term Outlook

Some analysts, including Titan of Crypto, predict a potential price target of $8,000 for Ethereum.
A large monthly triangle pattern may lead to a breakout, potentially resulting in significant rallies.
Optimistic forecasts suggest Ethereum could revisit or exceed previous all-time highs if resistance levels are breached.

The current lack of robust futures buying activity and ongoing selling pressure limit short-term growth potential for Ethereum.