Ethereum
Analyst predicts steeper Ethereum declines if futures market trend doesn’t improve
Like Ethereum (ETH) retests $3,500 low amid market-wide decline, CryptoQuant analyst ShayanBTC suggests the asset could see further declines if current futures market trends do not are not improving.
Recent market turmoil has pushed several altcoins to their lowest levels in weeks. Notably, Ethereum has recently fallen into the lower spectrum of the $3,500 threshold for the first time in over three weeks, retesting the $3,503 low earlier today.
In this bearish context, investor anxiety has returned. Futures market data indicates that market participants have turned bearish, betting on deeper declines and continued turmoil.
In a recent analysis, ShayanBTC drew attention to the Taker Buy Sell ratio, which measures the aggressiveness of buyers versus sellers in the futures market. A ratio greater than one indicates that buyers are dominant, while a ratio less than one suggests sellers are more aggressive.
According to market data, the seven-day moving average of this ratio has declined recently, failing to rise above one. This downtrend indicates that most futures traders are selling Ethereum aggressively.
Such behavior could be motivated by speculation or profit-taking in current market conditions. ShayanBTC argues that the significant drop in this ratio constitutes a bearish signal, suggesting that the downward trend in Ethereum price could continue if this selling pressure persists.
ETH Price – June 11 | Source: Commercial View
Meanwhile, despite the derivative products volume Rising 131% to a record $24.8 billion, Ethereum’s long/short ratio, which measures the ratio of long (bullish) to short (bearish) positions, saw a massive decline . This ratio collapsed to 0.8921, suggesting dominance of short positions, according to Coinglass. data.
Ethereum is currently trading at $3,537 after a slight recovery from the $3,503 floor price recorded earlier this morning. Despite a 3.58% drop today, the crypto asset is trading above the 200-day EMA ($2,945) and the 50-day EMA ($3,381).