Ethereum Selling Pressure Rises as Market Nears $2,700 Threshold

As the Ethereum (ETH) market continues to show signs of selling pressure, investors are wondering if it can hold the $2,700 level. In the past month, ETH activity has expanded significantly, affecting both volumes and open interest. However, the market is now experiencing a downturn, with traders starting to veer away from price action on Binance.

The positioning of traders on Binance is shifting, with recent trading analysis showing that the Ethereum cumulative net taker volume (CVD) for selling turned negative since August. This indicates that the past month has already faced growing selling pressure, which is competing with greed-based trading and more bullish sentiment.

Despite this, ETH sentiment remains in the greed range, sparking hopes that selling may be compensated with a bullish expectation. On the spot market, a notable whale sold 13,330 ETH out of their initial reserves, acquired at the ICO for $0.31 per ETH.

The rising open interest on Hyperliquid is also a key driver of the ETH price action, with positions now valued at $3.3B, above the BTC open interest of $3.24B. However, short positions on Hyperliquid start with a clear cut-off above $2,800, while most long positions are protecting the $2,600 range.