Ethereum Struggles as Selling Pressure Mounts
Key Takeaways
- Ethereum (ETH) is currently trading within a narrow price range between $2,400 and $2,700 USD.
- On-chain data shows increasing selling pressure due to rising exchange reserves on Binance.
- Negative capital flows and declining open interest suggest traders are showing restraint.
- Strong liquidation zones between $2,700 and $2,830 USD are capping further upward potential.
Rising Exchange Reserves: A Warning Sign for Selling Pressure
Ethereum is currently trading at around $2,623 USD. Despite the seemingly stable price action, on-chain data from Binance indicates a critical trend: ETH exchange reserves have significantly increased. This means more ETH is being transferred to trading platforms – a typical sign of impending selling pressure.
Such movements have historically preceded major sell-offs. Traders move their coins to exchanges, potentially to sell them. This increases market uncertainty.
Negative Net Flows Despite Flat Prices
Over the past seven days, a net of approximately 248,000 ETH has been withdrawn from exchanges. Over a 30-day period, the figure stands at about -60,900 ETH. At first glance, this appears positive, as outflows often indicate long-term storage in cold wallets.
However, the price has remained largely flat despite these outflows. This suggests the recent withdrawals may be following previous sell-offs – rather than indicating fresh accumulation. The 24-hour net flow of -4,000 ETH also shows that capital is continuing to flow out slowly but steadily.
Open Interest Declines – Traders Remain Cautious
Open interest (OI) – the sum of all open derivatives positions – has dropped by 8.99% in the last 24 hours to $18.14 billion USD. A declining OI signals a lack of conviction in the market. Traders are reducing their positions, which may point to a period of low volatility.
Such phases often precede a major price breakout – either upward or downward. Currently, however, there is a lack of momentum on the buyer side to support a sustainable breakout to the upside.
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Liquidation Zones Are Blocking the Upside
Particularly concerning is Binance’s so-called liquidation heatmap. Between $2,700 and $2,830 USD, there are dense liquidation zones. In these areas, many traders are using leverage to bet on rising prices. When the price reaches these zones, those positions are automatically liquidated – which in turn creates selling pressure.
These liquidation walls act like a ceiling over the market. Every attempt to break through this zone has been quickly rejected in recent days. This makes it harder for the bulls to regain control.
Our Assessment
Ethereum is currently in a phase of uncertainty. While the price appears stable, clear signs of weakness are emerging beneath the surface. Rising exchange reserves, negative capital flows, and declining open interest all point to a lack of confidence among market participants.
Unless buyers can sustainably push the price above the $2,700 USD level, the risk of a pullback remains. The situation becomes particularly critical if support at $2,480 USD fails. For you as an investor, this means: watch the market closely and don’t act hastily. Patience and risk management are key right now.
Sources
- CryptoQuant
- IntoTheBlock
- CoinGlass
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 2539.6 |
| 24h % | -0.23 % |
| 7d % | 0.06 % |
| 30d % | 37.70 % |
| 60d % | 32.63 % |
| 1y % | -32.88 % |
| Market Cap | $306,638,190,363.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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