Key Points:
-
ETH net income reached $418.8 million, the second largest seller ever.
-
Prices are retesting the main resistance zone of $4,000 close to $4,000, with the top reverberation of December 2024.
-
By September, ETH may drop 25%–35% against the main trend line.
Ethereum’s local token, Ether (eth), can establish the highest local signal as its sales pressure approaches historic extremes.
Traders sell 115,400 more ETH than buy
As of Tuesday, ETH’s net income fell to -$418.8 million, the second largest daily outflow ever, with its ETH of $115,400 more than ETH purchased through market orders.
Net income persons track the differences between transactions executed through market orders.
These “recipient” transactions will execute at a rate that takes precedence over price, often indicating urgency or fear. When Taker sells far out of the purchaser’s purchase, it is often an indication of surrender or making money.
This huge seller imbalance historically marked the local tops,” Write Crypto analyst Maartunn has doubts about the sustainability of Ethereum’s current rally.
Ether may drop by 25%-35%
When the price test is between $3,600 and $4,000, the latest surge in ETH seller pressure has occurred, and the level has been resistant since 2021.
Ethereum faces a similar setup in December 2024. At that time, the number of net recipients was sharply negative, and ETH was still trading near the same resistor zone.
Next is the 66% drop in the decline by 66%, and its price reduces its 50-week (red wave) and 200-week (blue wave) exponential moving average (EMA).
Similar results may appear, ETH retested $3,600 to $4,000 resistance, net income numbers declined and weekly Relative Strength Index (RSI) Cooling from over-purchased.
The intersection of bearish signals increases the likelihood of ETH retreating to 50-week and 200-week EMA (currently $2,736 and $2,333, respectively) to September or October to September or October or October, similar to the decline at the end of 2024.
Related: Blackrock leads record $465 million in share point ETHET ETF Monday Exodus
These drop in support levels will mark a 25%-35% drop in price at present.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
