Ethereum (ETH) continues to feel a decline in its price, because it recently tested the level of resistance of $ 4,000, a key psychological price bar for cryptocurrency. In the middle of this correction, the lowering trends among investors on Binance have surfaced.
A recent analysis by cryptocurrency analyst Darkfost highlights a significant trend in which the Binance Pour Ethereum buying ratio has become “strongly negative” at the $ 4,000. This suggests that stock market merchants have mainly adopted a sales position.
Ethereum war shooting
According to Darkfost, Binance’s Binese feeling has persisted since the beginning of November, coinciding with the approach of Ethereum at this level of critical resistance.
The analyst pointed out that if this lower feeling could generally point out a potential reversal, the price movement of Ethereum has challenged a strong lower inclination, drawn by other influential factors.
In particular, the request for funds negotiated on the stock market of Ethereum (ETF) has increased, with an increasing institutional interest which continues to support the action of Ethereum prices.
The sharp increase in demand for ETFS indicates a change in market position where institutional actors are increasingly influence the price movements.
Institutional interest, highlighted by consistent entries in investment products focused on Ethereum seems to have been essential to compensate for the sales pressure observed among retail merchants on Binance.
ETH performance and prospects
Until now, Ethereum has experienced significant correction in its price that can be decreasing as low as $ 3,616 today. At the time of writing the editorial staff, the asset is currently negotiated at a price of $ 3,621 of almost 6% during the last day.
In particular, this price performance has lowered the market capitalization of the assets of more than $ 40 billion, by more than $ 490 billion last week on Friday at $ 434 billion dollars today.
Interestingly, despite this drop in prices, the daily volume of Ethereum saw an opposite trend going from less than $ 60 billion on December 6 to $ 72 billion. Given the current state of the market, it is likely that the increase in the volume of the ETH comes from sales.
According to Coringlass data, in the last 24 hours, 526,828 traders were liquidated with the total liquidations at $ 1.58 billion. Of this total liquidations, the ETH represents around 234.72 million dollars.
Long liquidations dominate $ 208.83 million. Short traders have also undergone their share losses recorded for $ 25.89 million in eth eth.
Regardless of this, analysts are still optimistic about Ethereum, which suggests that the current drop in prices is quite “healthy” for the ETH market.
$ ETh Stay strong in HTF!#Ethereum The Hebdomedary Healthy Correction will be left as a Rettest and Pompey hard! pic.twitter.com/ysixfqjulq
– eᴛʜᴇʀnᴀꜱᴀꜱl
(@Etherasyonal) December 10, 2024
(@Etherasyonal) Star image created with Dall-E, tradingView graphic
