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Selling pressure on ETH surged to $419 million, has the price peaked?
Ethereum (ETH) may be signaling a local peak as selling pressure approaches historically extreme levels.
Traders sold more than 115,400 ETH compared to the amount bought
As of Tuesday, the Net Taker Volume index of ETH has plummeted to -418.8 million dollars – marking the second-largest daily outflow in history. According to data from CryptoQuant, this figure reflects that as much as 115,400 ETH have been sold more than bought through market orders, demonstrating that selling pressure is clearly dominating.
"In the past, such strong sell-side imbalances often coincided with local peaks," said CryptoQuant analyst Maartunn, expressing doubts about Ethereum's ability to maintain its current upward momentum.
ETH may decrease further by 25–35%
The recent increase in selling pressure comes at a time when the price of ETH is testing a historically important distribution area, ranging from $3,600 to $4,000 — a zone that has repeatedly acted as strong resistance since 2021.
A similar scenario is forming: ETH is returning to the resistance zone of $3,600–$4,000, Net Taker Volume continues to plummet, and the weekly RSI index is cooling off from the overbought region. The convergence of these negative technical signals increases the likelihood that ETH will undergo a deep correction, returning to test the medium-term support levels at the 50-week and 200-week EMA — currently at $2,736 and $2,333, respectively — around September or October.
If the above scenario occurs, the adjustment level of ETH could fluctuate between 25% and 35% compared to the current price range.
Minh Anh