{"id":660318,"date":"2024-12-11T00:30:16","date_gmt":"2024-12-11T00:30:16","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.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

Related Reading: Sell Pressure Rises As Ethereum Tests $4,000 Resistance\u2014What\u2019s Next For ETH?<\/a><\/div>\n

Ethereum Tug of War<\/h2>\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

\"Ethereum
Ethereum taker buy-sell ratio on Binance. | Source: CryptoQuant<\/figcaption><\/figure>\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

ETH Market Performance And Outlook<\/h2>\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

\"Ethereum
ETH price is moving upwards on the 2-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\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

Related Reading: Ethereum Funding Rates Hit Multi-Month Highs, But Is A Correction On The Horizon?<\/a><\/div>\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

\"Total
Total liquidations in the crypto market over the past 24 hours. | Source: Coinglass<\/figcaption><\/figure>\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

\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>\n

\u2014 E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L \ud83d\udcb9\ud83e\uddf2\ud83d\udcc8 (@EtherNasyonaL) December 10, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) continues to experience pullback in its price as it recently tested the $4,000 resistance level, a key psychological price mark for the cryptocurrency. Amid this correction, bearish tendencies among investors on Binance have surfaced. A recent analysis 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. Related Reading: Sell Pressure Rises As Ethereum Tests $4,000 Resistance\u2014What\u2019s Next For ETH? Ethereum Tug of War According to Darkfost, the bearish sentiment on Binance has persisted since the start of November, coinciding with Ethereum’s approach to this critical resistance level. 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. Notably, demand for Ethereum Exchange-Traded Funds (ETFs) has surged, showcasing a growing institutional interest that continues to support Ethereum’s price action. The surge in demand for Ethereum ETFs signals a shift in market stance where institutional players increasingly influence price movements. 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. ETH Market Performance And Outlook 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. 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. 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. Related Reading: Ethereum Funding Rates Hit Multi-Month Highs, But Is A Correction On The Horizon? According to data 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. Long liquidations dominates reaching $208.83 million. Short traders also had their share losses registering $25.89 million worth of ETH liquidations. Regardless of this, analysts are still optimistic about Ethereum, suggesting that the current price dip is quite “healthy” for ETH’s market. $ETH remains strong in HTF!#Ethereum weekly healthy correction will be left behind as a RETEST and pumped hard! https:\/\/t.co\/o78x8eBucf pic.twitter.com\/YSixFqjuLQ \u2014 E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L \ud83d\udcb9\ud83e\uddf2\ud83d\udcc8 (@EtherNasyonaL) December 10, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":660390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,10923,8323,1946,78803],"class_list":["post-660318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-crypto-market","tag-eth","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Battles Bearish Retail Sentiment Amid Surging ETF Demand<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) continues to experience pullback in its price as it recently tested the $4,000 resistance level, a key psychological price...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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