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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

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

Samuel Edyme
Samuel Edyme
7 months ago
3 mins read
Sell Pressure Rises as Ethereum Tests $4,000 Resistance—What’s Next for ETH?

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After months of struggling below the $4,000 price mark, Ethereum finally breached this notable resistance level on December 6, with a current trading price of $4,003, increasing by 2.7% in the past day.

However, while this milestone has generated optimism among investors, market metrics indicate potential risks of profit-taking and corrections.

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Ethereum Crosses $3,800: Is The ‘God Candle’ Nearing? Analysts Weigh In

7 months ago

Another Major Correction Incoming?

A CryptoQuant analyst known as ShayanBTC has recently shared insights into Ethereum’s futures market behavior, highlighting a key indicator that suggests caution might be warranted.

According to the analyst, Ethereum’s Taker Buy/Sell Ratio, a critical metric for analyzing market sentiment, has shown a substantial increase in sell-side activity. This development aligns with Ethereum’s approach to the $4,000 resistance level.

The metric, which measures the aggressiveness of buyers versus sellers in futures markets, reveals that sellers increasingly dominate trades as the price edges upward.

Shayan disclosed that Ethereum’s futures market participants appear to be locking in profits or preparing for a potential price correction.

The Taker Buy/Sell Ratio has reached its lowest point in several months, indicating that market participants are leaning toward a risk-off stance.

Ethereum Taker Buy/Sell Ratio
Ethereum Taker Buy/Sell Ratio. | Source: CryptoQuant

This trend suggests that the aggressive futures market sell orders could slow Ethereum’s upward momentum, paving the way for a potential pullback or consolidation phase.

The analyst particularly wrote:

The drop in the Taker Buy Sell Ratio implies a possible slowdown in upward price movement as more market participants take a risk-off approach. This aligns with anticipating a price pullback or a correction phase, making it crucial for traders to monitor the futures market for further developments.

What Next For Ethereum?

At the time of writing, Ethereum still hovers above $$4,000, up by 3.1% in the past day. This price increase has boosted ETH’s market cap above $482 billion as of today and its daily trading volume to roughly $56.7 billion.
Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com
Notably, the drop in the Taker Buy/Sell Ratio highlighted by Shayan reflects an overall cautious sentiment among futures market participants, often a precursor to heightened market volatility.

Related Reading

ETH, ether, Ethereum

Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction

7 months ago
While this does not necessarily signal the end of Ethereum’s rally, it highlights the importance of closely monitoring market developments. Should the selling pressure intensify, Ethereum may experience a price correction, offering opportunities for new entrants or long-term holders to accumulate at lower levels.
Meanwhile, from a technical perspective, ETH might be on the verge of a major rally as it recently formed a golden cross (50DMA and 200DMA) on its price chart.

$ETH goldencross (50DMA and 200DMA) has occured!

Last time this happened, #Ethereum was still in consolidation stages of the bearmarket but it still went +129%

In the 2021 bullmarket, the last goldencross took #ETH +2,323% pic.twitter.com/Wd7GGMc7O4

— venturefounder (@venturefounder) December 6, 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

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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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