Ethereum Taker Sell Volume Reaches $335 Million in Two Minutes

Ethereum has seen an 8% drop since Monday, falling below $3,850 and indicating a potential shift in bullish momentum. Key points include:

Price entering a critical consolidation phase with selling pressure increasing.
On-chain data reveals profit-taking by large investors contributing to short-term volatility.
Heavy sell volume of $335 million recorded within two minutes, suggesting either profit-taking or panic selling.
Analysts are divided; some view the decline as a healthy correction, while others forecast further drops toward $3,400–$3,500.
Despite recent price action, long-term fundamentals remain strong, driven by DeFi growth and Layer 2 adoption.
If current support holds, Ethereum could attempt another rally towards $4,000.

Market Analysis

ETH has broken below its resistance zone near $3,860, now testing support just above the 100-period SMA at around $3,670. Key observations include:

Current price at $3,619 may indicate increased selling momentum in the short term.
The 50-period SMA at $3,762 acts as immediate resistance, hindering recovery attempts.
If bulls cannot reclaim the $3,760–$3,800 range, deeper declines to $3,175 or $2,852 may occur.
Maintaining above the 200 SMA is crucial for the broader bullish trend.
Continued volatility expected due to profit-taking and macroeconomic concerns.