📉 Ethereum Price Under Pressure
Ethereum ( $ETH ) continues its bearish streak, trading below $2,000 for the fourth consecutive day. ETH is down 1.71% today, priced at $1,931, with a -42% YTD performance. A potential catalyst for recovery could be the upcoming staking approval from the SEC, but only if the overall market sentiment turns bullish.
🔻 Record Selling Spree Intensifies
Data from CryptoQuant shows the 30-day average of Net Taker Volume dropping sharply, signaling strong bearish sentiment. Historically, such declines align with market bottoms, but a reversal is unlikely unless Bitcoin (BTC) stabilizes and macro conditions improve.
🛑 Is It Time to Buy ETH?
The Global Liquidity Bands indicate that ETH has hit the lower band, historically flashing a buy signal. The last similar signal in August 2024 led to a massive rally. While there's potential for a rebound, waiting for BTC to find its bottom could be a safer bet.
⚙️ Key Levels to Watch
Support: $1,756, with a potential drop to $1,633 or $1,500 if bearish momentum persists.
Resistance: A flip above $2,000 could target $2,600, $2,768, and $3,000 for a sustained uptrend.
ETH’s outlook remains bearish, but the recent buy signal offers a glimmer of hope for a rebound if broader market conditions improve.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
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