ETH Price Under Pressure as Sellers Dominate Exchanges
The Ethereum price has been experiencing increased selling pressure across exchanges in August, according to CryptoQuant data. The Exchange Netflow metric tracks the net difference between ETH entering and leaving exchanges, with a positive reading indicating increasing selling pressure. On August 10th, the metric spiked higher, coinciding with a sharp 3% price drop from $1920 to $1875.
Despite institutional demand for Ethereum easing slightly ahead of US inflation data and rising oil prices, traders have been using the $1800-$1960 price range for potential trading opportunities. The upcoming US inflation data on August 12th is a crucial catalyst that could sway market sentiment and affect ETH's price.
The Options market positioning suggests that institutional players are betting on a possible move towards $2000 by the end of August or September, while also hedging against downside moves towards $1700 and $1650. The outcome of the inflation data will determine whether the Q3 price range holds or extends.