Ethereum Loses 18% in a Month. Will It Fall Below $3,000
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- Selling pressure for Ethereum persists on Binance.
- ETH has dropped 18.61% in the last month.
Since reaching a recent peak of $3,746 a week ago Ethereum[ETH[ETH]has experienced considerable downward momentum.
The altcoin’s value decreased to a local low of $3,157. Even though minor recoveries occurred, it continues to slide.
As of the latest update, Ethereum was priced at $3,196, down 2.17% on daily charts. Additionally, ETH is down 12.67% weekly and 18.61% monthly.
This drop in ETH values is primarily attributed to heightened selling pressure noted by CryptoQuant.
Adequate Selling Pressure Observed for Ethereum
Based on the assessment from CryptoQuant, there is significant selling pressure on ETH within Binance exchange since November 2024. p > Source: CryptoQuant (19659012) The Taker Buy/Sell Ratio for ETH effectively reflects increased selling habits faced by Binance traders. This measurement has been negative since November 2024 and suggests that sell orders significantly outnumber buy orders. This particular metric shows levels unseen since August signaling overwhelmingly bearish sentiment across trades.
The month of December witnessed buyers attempting to gain ground; however sellers promptly seized control once more escalating downward trends further still. p >
A marketplace riddled with trepidation and negativity is underscored by ongoing sell-offs observed recently concerning market demand patterns spanning previous months! p >
An uptick in the sell ratio might be favorable especially for long-term holders looking towards strategic opportunities! p >
The Effect on Ethereum Charts: A Recap: Market data indicates that Altcoin prices are being severely impacted under prevailing pressures actively observed through trading cycles.” Share your thoughts!
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