ETH Price Plunges Below Key Moving Averages as Sellers Take Advantage
The ETH price has been experiencing a downward trend, currently sitting at $2,421.41, below its 7-day moving average of $2,448.
Sell volume on Binance futures is running high, with nearly 140% of buy volume being sold. This indicates that the sellers are actively pressing their advantage and buyers are stepping back.
The 24-hour range shows that bulls defended $2,383 but got stopped cold at $2,477 on the highs. Open interest climbed 2.89% while price declined, which can be a sign of either shorts piling on or trapped longs doubling down in denial.
Momentum has gone quiet, with the MACD histogram flatlining to zero, indicating that the trend engine stalled. Buyers are hesitating at exactly the wrong time, mid-range, with no clear catalyst to reignite the engine.