Ethereum Price Halted at $2,662 as Aggressive Selling Pressure Mounts
Ethereum's price has stalled at $2,662 as aggressive selling pressure mounts, suggesting that the asset may soon test its support level of $2,600.
The taker buy/sell ratio is currently at 0.6962 on the one-hour window, indicating that for every dollar of buying activity, there's roughly $1.44 of selling activity - a significant imbalance that points to downward pressure.
In the past 24 hours, Ethereum has shed 1.54% in value while trading between $2,748 and $2,656, resolving near the lower end of this range. The asset is now below its 7-day Simple Moving Average (SMA) at $2,684, which has flipped from support to overhead resistance.
The broader cryptocurrency market remains in a sentiment consolidation phase, with Ethereum reflecting this trend with 'textbook precision'. Retail investors are heavily long on Ethereum, with 73.6% of their positions being bullish, while smart money is positioned at 61.4% long but has left themselves 38.6% short exposure as a hedge or fade.