The Ethereum price had trouble getting out of the range of $ 2,500 to $ 2,700 in last week, reflecting the slow state of the general market. Friday, June 20, Altcoin died of a new wave of down pressure, falling towards the $ 2,400 mark to close the week.
Unsurprisingly, this last slowdown seems to force the hands of investors who have implemented the level of support of $ 2,500 in recent weeks. Here is how the drop in the price of ETH and the resulting sale could affect the future Altcoin trajectory.
The price of the eth eth at risk when the lessee sellers unleash their tokens
In a recent article on the social media platform X, the analyst in Maartunn chain revealed That an set of Ethereum traders could be in motion again. This chain observation revolves around a leap in the volume of sale of takers, a metric which estimates the total volume of the sales orders filled with takers in perpetual swaps of a specific cryptocurrency (ETH, in this case).
To provide a little context, a lessee refers to a market participant who plans to an existing order on the order book. With this definition, the volume of sale of takers represents the total amount of a unloaded cryptocurrency or sold by these market players within a specific time.
In the post on X, Maartunn stressed in his article that the sales pressure rises on the Ethereum market, while the lessee sellers begin to dominate buyers on the exchanges. According to cryptocurrency data, the ETH Taker sells volume on all centralized exchanges increased to around $ 321.3 million in one minute on Friday.
Source: @JA_Maartun on X
As a rule, significant peaks in the volume of sales of takers have often been followed by a lower pressure period on the price of Ethereum. If history is to be passed, investors could expect the second largest cryptocurrency to fight in the coming days.
Ethereum prices overview
To date, the price of the ETH is located just above the level of $ 2,410, reflecting a drop of almost 5% in the last 24 hours. According to Coingecko data, Altcoin is dropped by almost 6% in the last seven days.
The Ethereum price has been blocked in the consolidation in the range of $ 2,500 to $ 2,800 in recent weeks. With the price of the token now under a major support in $ 2,500 and the growing downward pressure, the chances of ETH launching into a sustained rally look thinner.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock star image, tradingview graphic
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