Ethereum price ($ETH) was down 1.77% Within the last 24 hours. Daily trading volume decreased slightly 6%open interest slipped 3.2%. CoinGlass data showed that prolonged liquidations could help explain the recent price decline.
Bullish derivatives traders faced $67 million These liquidations forced sell orders to close permanent market positions, increasing selling pressure on the market. $ETH.
CryptoQuant data showed that the funding rate is positive but decreasing. Since the first week of July, the 7-day moving average of funding rates has been +0.0088% ~ +0.0054%a somewhat positive reading.
Taker buy/sell ratio measures the ratio of active (market) buying and selling volumes. This indicator has recently fallen significantly into negative territory. However, the 7-day moving average is not below zero like it was in May.
Ethereum price trend is likely to be bearish
AMBCrypto recently reported on whale accumulation and improving ETF demand. The network’s validator queue also goes to zero with no latency, indicating a guilty verdict from long-term stakeholders.
The price chart told a different story. in duration of one daythe swing structure remains bearish. Breakdown below February lows $1,742 This was confirmed in early June.
At the time of writing, Ethereum was experiencing a price rebound, but it had failed to reach the level of a major Fibonacci retracement.
Trader Call to Action – Sell
Another set of Fibonacci retracement levels was plotted based on the late May to early June decline. At that time, the price of Ethereum was $2,043 – $1,510. Earlier this week, 78.6% Retracement levels have been tested.
$ETH Bulls face setback from resistance levels $1,929. of 4 hour time frame and 1 day time frame We were in agreement about the bearish bias. If this continues, prices will fall, $1,510 It seemed possible.
Rally surpassed $2,043 This bearish case will be invalidated.
Final summary
- Ethereum’s whale accumulation and validator queue clearing suggested a long-term conviction, but the price chart remained bearish.
- Derivatives markets have seen aggressive selling pressure over the past 48 hours, with funding rates falling, indicating a cooling in demand.
