Ethereum’s buy/sell ratio has seen a shift towards the negative as Ethereum’s price soared past the $4,000 mark in the early days of March, hitting a 40-day low at 0.93% on March 14, just a day after the Dencun upgrade was implemented.
A negative taker buy/sell ratio indicates a predominance of selling over buying in the Ethereum perpetual swaps markets. This trend, especially notable during a price decline, suggests that the imbalance of sellers to buyers could exert downward pressure on the Ethereum Price – with analysts predicting Ethereum will drop below $4k.
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Ethereum Markets Witness Increased Selling Pressure Post-Dencun Upgrade
The aftermath of the Dencun upgrade has showcased a typical pattern of buying the rumor and selling the news, with Ethereum facing significant selling pressure.
This trend is further underscored by the substantial influx of ETH into exchange wallets, hinting at investors’ inclination towards short-term trading ventures following the upgrade. The CryptoQuant exchange reserves chart, which tracks the real-time flow of tokens into exchange-held wallets, reveals a noticeable increase in ETH deposits.
At the week’s start on March 10, exchanges housed approximately 13.8 million ETH, which escalated to 13.9 million by March 14, translating to a significant shift of 74,000 ETH into exchanges for potential short-term selling, valued around $290 million at current rates.
Such a notable increase in exchange reserves could lead to supply dilution, threatening a further price dip below $3,900 unless met with equivalent demand.
The Dencun Upgrade’s Impact on Ethereum’s Future Pricing
Analyzing recent market trends, the enthusiasm surrounding the Dencun upgrade is unlikely to propel Ethereum’s price to the $5,000 mark as previously hoped by some investors. The near-term outlook suggests a possible descent below $3,900, fueled by traders offloading their holdings into the market.
The $3,840 level emerges as critical support, with IntoTheBlock data indicating that about 1.7 million addresses acquired 676,500 ETH at an average price of $3,836. Should these investors engage in defensive buying to prevent losses, they might inadvertently catalyze a price recovery.
However, if Ethereum’s value falls beneath $3,830, it could activate a series of margin calls and stop-losses, given the substantial number of investors who entered at this price point.
For a bullish resurgence, it is imperative for the market to solidify support above $4,050, thereby enabling a regaining of short-term market momentum.
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