Ethereum (ETH) traders are unloading positions at a rapid pace, with taker sell volume hitting $1.2 billion in the past 24 hours.<\/p>\n
The uptick in sell orders coincided with a 2.4% dip in ETH\u2019s price that pushed it down to $4,272 late Monday, highlighting a shift in sentiment as speculative long positions begin to unwind.<\/p>\n
According to data shared on X by analyst Maartunn, the sharp increase in taker sell volume is a reflection<\/a> of the intensifying pressure on Ethereum\u2019s order books, which may have triggered a breakdown of important technical supports.<\/p>\n Research firm Matrixport highlighted<\/a> in its daily market update that trading volumes have halved from $122 billion to $57 billion in recent days, while funding rates fell below 10%, suggesting that appetite for leveraged long exposure is fading.<\/p>\n Consider also that September has historically been a soft month for the world\u2019s second-largest cryptocurrency. It is why market analyst Benjamin Cowen argued<\/a> on Monday that ETH could retrace to its 21-week exponential moving average near $3,500, repeating patterns seen in previous Septembers.<\/p>\n There have been similar corrections in past cycles, like in 2017, when ETH dropped more than 21% that month. Also, in 2021, it recorded a 12.5% loss before recovering to new highs later in the year.<\/p>\n Despite the current pullback, whales and institutions remain active. A recent report by Arkham Intelligence revealed that a Bitcoin whale converted $1 billion worth of the asset into ETH and staked it.<\/p>\n Additional data also shows that spot ETFs absorbed more Ethereum in August than was issued on-chain, leading analysts like Anthony Sassano to suggest that long-term structural demand from ETFs, treasuries, and tokenization projects may underpin the asset\u2019s outlook even with short-term turbulence persisting.<\/p>\n Looking at the market, at the time of this writing, Ethereum was trading at $4,387, down 1% in the last 24 hours and about 0.6% over the week, according to CoinGecko. The cryptocurrency may have lost some momentum since posting a new all-time high (ATH) of $4,946 on August 24, but it is still outperforming the broader crypto market, which fell 1.8% over the week.<\/p>\n Things are rosier across longer time frames, with ETH up 27% on the monthly chart, while being 79% higher compared to the same time last year. Meanwhile, technical charts show it consolidating around the $4,200\u2013$4,400 range, a zone identified as key support by multiple analysts.<\/p>\n Even in CryptoPotato\u2019s latest assessment, it was noted that a decisive break below $4,200 could accelerate<\/a> a slide toward $3,800. However, a rebound and reclaim of $4,600 would likely restore bullish momentum and open the door to retesting the ATH level.<\/p>\n The post Ethereum Taker Sell Volume Hits $1.2B, Signaling Heavy Selling Pressure<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum (ETH) traders are unloading positions at a rapid pace, with taker sell volume hitting $1.2 billion in the past 24 hours. The uptick in sell orders coincided with a 2.4% dip in ETH\u2019s price that pushed it down to $4,272 late Monday, highlighting a shift in sentiment as speculative long positions begin to unwind. […]<\/p>\n","protected":false},"author":0,"featured_media":93233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-93232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/93232"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=93232"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/93232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/93233"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=93232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=93232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=93232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Price Action and Technical Outlook<\/h2>\n