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Ethereum Battles Bearish Retail Sentiment Amid Surging ETF Demand
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Ethereum Battles Bearish Retail Sentiment Amid Surging ETF Demand

Samuel Edyme
Samuel Edyme
5 months ago
3 mins read
Ethereum Battles Bearish Retail Sentiment Amid Surging ETF Demand

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Ethereum (ETH) continues to experience pullback in its price as it recently tested the $4,000 resistance level, a key psychological price mark for the cryptocurrency. Amid this correction, bearish tendencies among investors on Binance have surfaced.

A recent analysis by CryptoQuant analyst Darkfost highlights a significant trend where Binance’s taker buy-sell ratio for Ethereum turned “sharply negative” at the $4,000 mark. This suggests that traders on the exchange have predominantly adopted a selling stance.

Related Reading

Sell Pressure Rises as Ethereum Tests $4,000 Resistance—What’s Next for ETH?

Sell Pressure Rises As Ethereum Tests $4,000 Resistance—What’s Next For ETH?

6 months ago

Ethereum Tug of War

According to Darkfost, the bearish sentiment on Binance has persisted since the start of November, coinciding with Ethereum’s approach to this critical resistance level.

The analyst pointed out that while this bearish sentiment could typically signal a potential reversal, Ethereum’s price movement has defied seeing high bearish inclination, driven by other influential factors.

Ethereum taker buy-sell ratio on Binance.
Ethereum taker buy-sell ratio on Binance. | Source: CryptoQuant

Notably, demand for Ethereum Exchange-Traded Funds (ETFs) has surged, showcasing a growing institutional interest that continues to support Ethereum’s price action.

The surge in demand for Ethereum ETFs signals a shift in market stance where institutional players increasingly influence price movements.

Institutional interest, evidenced by consistent inflows into Ethereum-focused investment products seems to have been pivotal in offsetting the selling pressure observed among retail traders on Binance.

ETH Market Performance And Outlook

So far, Ethereum has seen a significant correction in its price decreasing to as low as $3,616 as of today. At the time of writing, the asset currently trades at a price of $3,621 down by nearly 6% in the past day.

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Notably, this price performance has unsurprisingly dropped the asset’s market cap by over $40 billion, falling from over $490 billion seen last week Friday to $434 billion today.

Interestingly, despite this price decrease, Ethereum’s daily trading volume has seen an opposite trend rising from below $60 billion on December 6 to now at $72 billion. Given the current market condition, it is likely that the increase in ETH’s volume is coming from sell-offs.

Related Reading

Ethereum Funding Rates Hit Multi-Month Highs, But Is a Correction on the Horizon?

Ethereum Funding Rates Hit Multi-Month Highs, But Is A Correction On The Horizon?

5 months ago

According to data from Coinglass, in the past 24 hours , 526,828 traders were liquidated with the total liquidations coming in at $1.58 billion. Out of this total liquidations, ETH accounts for roughly $234.72 million.

Total liquidations in the crypto market over the past 24 hours
Total liquidations in the crypto market over the past 24 hours. | Source: Coinglass

Long liquidations dominates reaching $208.83 million. Short traders also had their share losses registering $25.89 million worth of ETH liquidations.

Regardless of this, analysts are still optimistic about Ethereum, suggesting that the current price dip is quite “healthy” for ETH’s market.

$ETH remains strong in HTF!#Ethereum weekly healthy correction will be left behind as a RETEST and pumped hard! https://t.co/o78x8eBucf pic.twitter.com/YSixFqjuLQ

— EᴛʜᴇʀNᴀꜱʏᴏɴᴀL 💹🧲📈 (@EtherNasyonaL) December 10, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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