ETH Price May Drop Below $3,000 as Metrics Show Bearish Trend
Ethereum (ETH) is currently facing downward pressure, with its price threatening to fall below the $3,000 mark. In addition to broader market consolidation, ETH’s current price decline is also driven by reduced activity from large investors.
The analysis explains why the price may be declining and highlights price points that ETH holders should be aware of.
Ethereum faces selling pressure as net whale flows decline
According to IntoTheBlock, ETH major net flow It plummeted 73.19% in 7 days. Large holders are whale addresses that hold more than 0.1% of the asset’s circulating supply.
When an asset experiences a decline in net whale flows, it indicates that large investors in the asset are reducing their positions by selling or transferring assets. This often signals a lack of confidence in the asset’s short-term prospects, leading to potential downward price pressure when these holders move their funds elsewhere.
In addition to reducing whale aggregations, Taker-Buy-Sell Ratio for ETH Declines over the past seven days have mostly been below 1, indicating selling among its derivatives traders. According to CryptoQuant, the value was 0.94 at press time.
An asset’s Taker-Bid-Sell ratio measures the proportion of buy orders to sell orders executed by market takers. A ratio below 1 indicates that sell orders outnumber buy orders, indicating bearish sentiment. This indicates that selling pressure is outweighing buying interest, often suggesting that prices may fall as more traders exit their positions instead of entering them.
ETH Price Prediction: It all depends on the whales
On the daily chart, readings of ETH moving average convergence divergence confirm declining demand for the leading altcoin. As of press time, the coin’s MACD line (blue) is below the signal line (orange) and the zero line.
This indicator helps traders identify changes in trend strength, direction, and duration. Like ETH, when the MACD line is below the signal line, it indicates a bearish trend. If the selling pressure intensifies further, ETH price may fall below the $3,070 support and trade as high as $2,558.
On the other hand, if market sentiment improves and ETH whale resumes collecting fundsthey may push the coin’s price towards $3,415.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
