Ethereum’s price has been on a rollercoaster lately, dropping significantly due to market volatility. But there are some signs that things might be looking up.
Binance Shows Reduced Selling Pressure
Data from on-chain analyst Darkfost shows a positive shift in the Ethereum market on Binance, one of the world’s biggest crypto exchanges. The selling pressure on ETH is easing, meaning fewer people are selling their Ethereum. This is a good sign, suggesting a potential turnaround.
Darkfost looked at the taker buy-sell ratio on Binance – basically, comparing the number of buy orders to sell orders. A 7-day average shows this ratio has gone positive, meaning more buying than selling. This has happened three times this year, showing investor resilience.
While this is encouraging, it’s still early days. This reduced selling pressure could lead to price stabilization or even a recovery, but it’s not a guarantee.
Long-Term Concerns Remain
However, not all the news is good. Crypto analyst Ali Martinez points out that Ethereum has broken below a significant long-term chart pattern (a triangle). This suggests the price could drop further, potentially as low as $1,105 in the coming months.
The Bottom Line
The reduced selling pressure on Binance is a positive sign for Ethereum, potentially signaling a short-term price recovery. But the break below the long-term chart pattern suggests a longer-term decline might still be in the cards. It’s a mixed picture, and investors are watching closely to see what happens next.
