Ethereum Faces Selling Pressure as Sellers Outweigh Buyers by $570 Million
The price of Ethereum (ETH) remains under selling pressure, with analysts predicting potential declines to sub $4,000 levels, possibly as low as $3,300. Recent derivatives data indicates a strong dominance of sellers, with sell orders exceeding buy orders by approximately $570 million.
Key Points
- Ethereum futures show significant selling pressure.
- Concentrated selling often aligns with local market tops.
- Support levels identified at $3,960 and $3,360 for maintaining market structure.
- Ethereum has shown weakness against Bitcoin (BTC), trending lower recently.
- Expectations that Bitcoin will outperform Ethereum in the near term.
- Analysts project Bitcoin dominance may rise above 60% in the upcoming weeks.
Ethereum sellers outweigh buyers | Source: Maartunn