Ethereum’s Taker Sell Volume surged to $10.3 billion, driven by whales and retailers. The price dropped to $2.3K before recovering to $2.4K as dip-buyers absorbed the pressure.
The recent drop is part of a descending channel that Ethereum has been trading in since hitting a local high of $2.8k last week. The sell-off intensified profit-booking, with more holders offloading their ETH as conviction waned.
A significant spike in selling pressure was observed by CryptoQuant analyst Maartun, who noted a surge in Taker Sell Volume across all exchanges recording over $321 million in one minute. This marked intense sell-side aggression from both whales and retailers.
In total, Ethereum recorded $10.3 billion in Taker Sell Volume before cooling to $839.6 million. The high level of activity often mirrors fear or aggressive profit-taking. However, the data also showed 1.2 million coins in Exchange Inflows, mostly from whales.
The Large Holders Netflow indicated that whales sold 519k ETH while buyers scooped 471k ETH, resulting in a negative netflow of -48.75k ETH. This spells out strong bearish sentiment.
Despite the selling pressure, Ethereum’s price recovered to $2,424 after briefly dipping from $2.5K to $2.3K. The mild rebound suggests that some buyers saw an opportunity to buy the dip and absorbed the pressure.
However, the battle is not over yet. Exchange Netflow turned negative, with outflows beating inflows by about 3.4K ETH. If bulls can hold their positions, it could boost Ethereum to reclaim $2575. Conversely, if sellers retake the market again, ETH could dip to $2350.
Source: https://ambcrypto.com/ethereum-whales-sell-321-mln-in-60-seconds-still-a-tough-battle-remains