Ethereum Price Recovers Amid Bearish Dominance and Whale Accumulation
Ethereum's price has recovered to $1,910 as it faces increasing bearish dominance in its perpetual markets.
The Ethereum Net Taker Volume flipped negative last week after nearly a month of positive territory, indicating that the perpetual markets have shifted towards net selling. Historically, negative values in this metric have led to price declines in ETH, with the top altcoin plummeting by 52% and 33% in January and May when it previously turned negative.
Additionally, the Taker Buy Sell Ratio has also moved towards selling dominance, with its seven-day moving average dropping to 0.974 on Monday, its lowest level since June 6. This indicates a shift away from aggressive buying and towards aggressive selling.
On the spot side, whales have been accumulating ETH over the past two days, with one wallet withdrawing 19,000 ETH from Gemini and deploying it into staking contracts. Another whale purchased 3,960 ETH on Wednesday.