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Is Ethereum Price Forming Local Top? Sellers Outbid Buyers By $570 Million

Is Ethereum Price Forming Local Top? Sellers Outbid Buyers By $570 Million
Is Ethereum Price Forming Local Top? Sellers Outbid Buyers By $570 Million

Main notes

  • Shedding light on the Ethereum folds that the ETH price can witness a decrease less than $ 4000.
  • Analysts highlighted the main support levels of ETH at $ 3,960 and $ 360, encouraging the need to keep these areas to maintain the current market structure.
  • Traders expect Bitcoin to excel in the short term with the weakening of ETH/BTC in the midst of the current capital rotation.

ETHEREUM price is still under sale pressure after rejecting its levels at all. Detactions data indicate that any near -term recovery in ETH appears to be difficult, as sellers are more pressure, pushing the price to a decrease. Market analysts believe that Altcoin can see sub -levels worth $ 4,000, as it decreased along the way to $ 3,300.

Ethereum price in pressure as futures data shows the dominance of sellers

Looking at the derivative data, future ETHEREUM contracts show signs of the sale of pressure with a sharp deviation of the folder in the sellers. According to the data on the series, the sale orders outperformed the purchase requests by about $ 570 million, which reflects the identification of aggressive sites.


Ethereum sellers outperform buyers Source: The Market

Historically, these levels of concentrated sale coincided often with local market peaks. As a result, concerns about the risk of prices on prices in the short term have sparked.

Ali Martinez’s encryption analyst is 3,960 dollars and $ 3,360 as main support levels for ETHEREUM price. He pointed out that constipation over these areas will be very important to maintain the current market structure.

Eth to BTC Capital Rotation in play

After a large gathering and bitcoin (BTC), in addition to the rest of the encryption market in July and the first half of August, Ethereum began to show signs of weakness.

Coding Dan Tafir Trading He pointed out that ETHEREUM (ETH) has been weak against Bitcoin (BTC), gradually heading to a decrease over the past few weeks. He pointed out that most of the largest ups in ETH during this period were driven by one entity that exchanged billions in BTC to ETH. This was evident through institutional flows in the traded investment funds.

It looks forward to the future, and Bitcoin is expected to outperform in the short term with the high level of ETH/BTC and the dominance of Bitcoin rises. The analyst pointed out that such a development will be a healthier path for ETHEREUM price, in the end it comes out of the current monotheism.

Another encryption analyst, Benjamin Quinn, believes that the market rotation towards Bitcoin (BTC) is expected to extend to September and October. Although bitcoin dominance has not shown a big step yet, Queen expected that it should reach 60 % in the coming weeks.

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Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.

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Bushan Akolkar

Bhushan is enthusiastic about technology and carries a good tendency to understand the financial markets. His interest in the economy and financing draws his attention towards emerging technology markets and emerging technology. He is in a continuous educational process and keeps himself excited to share his acquired knowledge. In spare time he reads fictional excitement novels and sometimes explores his cooking skills.

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