{"id":660318,"date":"2024-12-11T00:30:16","date_gmt":"2024-12-11T00:30:16","guid":{"rendered":"https:\/\/ktsl888.com\/?p=660318"},"modified":"2024-12-10T16:03:44","modified_gmt":"2024-12-10T16:03:44","slug":"ethereum-battles-bearish-retail-sentiment-amid-surging-etf-demand","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-battles-bearish-retail-sentiment-amid-surging-etf-demand\/","title":{"rendered":"Ethereum Battles Bearish Retail Sentiment Amid Surging ETF Demand"},"content":{"rendered":"
Ethereum (ETH) continues to experience pullback in its price as it recently tested the $4,000 resistance level<\/a>, a key psychological price mark for the cryptocurrency. Amid this correction, bearish tendencies among investors on Binance have surfaced.<\/p>\n A recent analysis<\/a> by CryptoQuant analyst Darkfost highlights a significant trend where Binance\u2019s taker buy-sell ratio for Ethereum turned “sharply negative” at the $4,000 mark. This suggests that traders on the exchange have predominantly adopted a selling stance.<\/p>\n According to Darkfost, the bearish sentiment<\/a> on Binance has persisted since the start of November, coinciding with Ethereum’s approach to this critical resistance level.<\/p>\n The analyst pointed out that while this bearish sentiment could typically signal a potential reversal, Ethereum\u2019s price movement has defied seeing high bearish inclination, driven by other influential factors.<\/p>\n Notably, demand for Ethereum Exchange-Traded Funds (ETFs) has surged, showcasing a growing institutional interest that continues to support Ethereum’s price action.<\/p>\n The surge in demand for Ethereum ETFs signals a shift in market stance where institutional players increasingly influence price movements<\/a>.<\/p>\n Institutional interest, evidenced by consistent inflows into Ethereum-focused investment products seems to have been pivotal in offsetting the selling pressure observed among retail traders on Binance.<\/p>\n So far, Ethereum has seen a significant correction in its price decreasing to as low as $3,616 as of today. At the time of writing, the asset currently trades at a price of $3,621 down by nearly 6% in the past day.<\/p>\n Notably, this price performance has unsurprisingly dropped the asset’s market cap by over $40 billion, falling from over $490 billion seen last week Friday to $434 billion today.<\/p>\n Interestingly, despite this price decrease, Ethereum’s daily trading volume has seen an opposite trend rising from below $60 billion on December 6 to now at $72 billion. Given the current market condition, it is likely that the increase in ETH’s volume is coming from sell-offs<\/a>.<\/p>\n According to data<\/a> from Coinglass, in the past 24 hours , 526,828 traders were liquidated with the total liquidations coming in at $1.58 billion. Out of this total liquidations, ETH accounts for roughly $234.72 million.<\/p>\n Long liquidations dominates reaching $208.83 million. Short traders also had their share losses registering $25.89 million worth of ETH liquidations.<\/p>\n Regardless of this, analysts are still optimistic<\/a> about Ethereum, suggesting that the current price dip is quite “healthy” for ETH’s market.<\/p>\n $ETH<\/a> remains strong in HTF!#Ethereum<\/a> weekly healthy correction will be left behind as a RETEST and pumped hard! https:\/\/t.co\/o78x8eBucf<\/a> pic.twitter.com\/YSixFqjuLQ<\/a><\/p>\nEthereum Tug of War<\/h2>\n
ETH Market Performance And Outlook<\/h2>\n
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