Ethereum traders are becoming increasingly bearish as the price has plunged more than 9% over the past week. Notably, prediction platform Polymarket shows that there is a 56% chance that Ethereum will fall below $2,000 by the end of this month.
Meanwhile, CoinMarketCap data shows that $ETH At the time of writing, it is trading just above $2,100, with on-chain data and trading activity indicating active selling pressure building across the market.
Binance selling pressure accelerates
Amr Taha, an analyst at CryptoQuant, pointed out that Ethereum also followed Bitcoin in its decline due to a surge in taker selling on Binance. According to analysts, Binance Taker’s sales exceeded $1.1 billion, $ETH It rallied towards levels below $2,100.
Taker sell volume tracks market sell orders executed instantly against existing bids. If this indicator spikes during a selloff, it usually indicates panic selling, forced liquidations, or short-term bearish positions.
The analyst said the timing of the move was important as selling pressure appeared on both Bitcoin and Ethereum at the same time, rather than remaining isolated on BTC.
Further pressure emerged through exchange inflow data. According to CryptoOnChain, over 225,000 $ETH moved to Binance in one day, marking the exchange’s largest spike in netflow since May 2023.
Possibility of inversion with TD sequential signals
Crypto analyst Ali Martinez highlighted the weekly TD sequential sell signal that recently appeared on Ethereum charts. He pointed out that the previous TD sequential signal on Ethereum caused significant movement over the past year.
Buy signals in April and June last year resulted in 86% and 134% rallies, while sell signals in August resulted in a 63% decline. Based on the latest settings, Martinez believes that Ethereum may be entering a new correction phase.
The analyst outlined several downside targets, including $1,900 in the short term, $1,595 in the medium term, and $1,090 in the long term. Martinez also pointed out that Ethereum is trading within a weekly long-term parallel channel.
According to his chart, if selling pressure continues, the floor around $1,071 could eventually become a major support and accumulation zone.
Related: Ethereum price prediction: February accumulator is on the decline $ETH 5.5% drop
