Key Points:
Ethereum (ETH) net taker volume has dropped to -$418.8 million, marking the second-largest single-day sell imbalance in history.
The price is retesting the important resistance zone around $4,000, similar to the top trend in December 2024.
By September, Ethereum (ETH) could decline by 25%–35%, reaching a critical trend line.
The selling pressure on Ethereum's native token, Ethereum (ETH), is approaching historical extremes, potentially forming a phase top signal.
According to CryptoQuant data, as of Tuesday, ETH's net taker volume has fallen to -$418.8 million, setting a record for the second-largest single-day outflow in history, with market sell orders exceeding buy orders by 115,400 ETH.
Net taker volume measures the difference between buy and sell transactions executed at market price.
These "taker" trades prioritize execution speed over price, often reflecting market urgency or panic. When market sell volume significantly exceeds market buy volume, it typically indicates capitulation selling or large-scale profit-taking.
"A sell-side imbalance of such magnitude historically often marks a phase top," wrote CryptoQuant analyst Maartunn, expressing skepticism about the sustainability of Ethereum's current rebound.
The latest surge in ETH selling pressure coincides with its price testing the historic distribution range between $3,600 and $4,000—this level has repeatedly acted as resistance since 2021.
Ethereum's current trend is quite similar to that in December 2024, when net taker volume sharply turned negative, and ETH was also trading near this resistance range.
Subsequently, the price plummeted by 66%, heading down towards the 50-week (red line) and 200-week (blue line) exponential moving averages (EMA).
The situation may repeat: ETH is once again testing the $3,600–$4,000 resistance range, with net taker volume crashing and the weekly relative strength index (RSI) retreating from the overbought zone.
Multiple bearish signals are stacking up, increasing the likelihood of ETH dropping towards the 50-week and 200-week EMA in September or October—currently, these support levels are at $2,736 and $2,333, respectively.
If it falls to these support levels, it would mean a decline of 25%–35% from the current price.
Related: Ethereum (ETH) driven by technological innovation and institutional influx, with both market prospects and challenges.
Original: “Is Ethereum (ETH) Topping Out? Sell Pressure Soars to $419 Million, Second Highest Ever”
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