Ethereum prices have been struggling to break out of the $2,500-2,700 range over the past week, reflecting the dullness of the general market. On Friday, June 20th, Altcoin succumbed to a fresh wave of bear pressure and fell towards the $2,400 mark to close the week.
Naturally, this latest recession appears to be forcing the hands of investors banking their banks at a support level of $2,500 over the past few weeks. Here’s how the decline in ETH prices and the resulting sale will affect Altcoin’s future trajectory:
ETH prices are at risk as taker sellers drop off the token
In a recent post on social media platform X, on-chain analyst Maartunn It was revealed That the set of Ethereum traders could move again. This on-chain observation revolves around the jump in the sales volume of Taker. This is a metric that estimates the total amount of sales orders a taker will meet with constant swaps of a particular cryptocurrency (in this case ETH).
To provide any context, Taker refers to market participants who place orders that match existing orders in the order form. By this definition, taker sales volume represents the total amount of cryptocurrencies offloaded or sold by these market participants within a given period.
In X’s post, Maartunn highlighted in his post that sales pressure is putting pressure on the Ethereum market as taker sellers begin to control buyers in exchanges. According to data from Cryptoquant, ETH Taker sold volumes on all centralized exchanges, surged to around $321.3 million within a minute on Friday.
Source: @JA_Maartun on XTypically, a large spike in Taker sales is followed by a period of downward pressure on Ethereum prices. If history is anything, investors might expect the second largest cryptocurrency to struggle over the next few days.
Ethereum price overview
At the time of writing, ETH prices are just above the $2,410 level, reflecting a nearly 5% decline over the last 24 hours. According to Coingecko data, Altcoin has fallen by nearly 6% over the past seven days.
Ethereum prices have been consolidated in the $2,500-$2,800 range over the past few weeks. Token prices now appear slimmer in the odds of ETH to embark on a sustained gathering, thanks to key support of $2,500 and rising bear pressure.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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