- Ethereum fell to $2,476 after rejection at $2.7K, marking a 3.05% 24-hour decline.
- Spot market showed — 113.1K ETH sold vs. 90K bought, reinforcing sell-side dominance.
After rallying to $2.7k, two days ago, Ethereum [ETH] has faced a strong rejection. Since then, the altcoin has dropped to hit a low of $2463.
In fact, at press time, it traded at $2,476, down 3.05% over the last 24 hours.
This pullback was not just technical—it was fueled by rising sell-side conviction across both derivatives and spot markets.
Taker Buy-Sell Ratio nosedives as sellers take over
According to CryptoQuant, the 14-day Moving Average of the Taker Buy-Sell Ratio dropped sharply. Naturally, this shift pointed to rising aggressive sell orders overpowering buys.
Source: CryptoQuant
This selling pressure has intensified among small and large holders in equal measures. Looking at whale activity, Ethereum large holders have sold more than they have bought.
Source: IntoTheBlock
IntoTheBlock’s Large Holder Netflow metric flipped negative, falling to -12.7K ETH. That means whales sold over 188.6K ETH in just one day.
With this metric dropping to negative, it suggests that whales are currently in selling mode.
Source: Coinalyze
This market behavior is also witnessed among retailers, with spot activities dominated by sellers.
When we look at Spot Buy vs. Sell Volume, the market recorded a negative delta of 22.53k over the past day.
A negative value here suggests that more sell orders are currently being executed in the market. As such, there are 113.1k ETH sold while only 90k ETH bought.
Will ETH crack below $2.2K next?
Ethereum is hovering near a breakdown zone as bearish momentum remains strong.
Bears currently dominate the market, increasing the risk of further price declines. If selling pressure continues, Ethereum could face a deeper correction, with $2.2K as a key support level.
Holding above $2.2K is crucial to prevent a drop below $2K.
However, if this sell-off is driven mainly by short-term traders or “weak hands,” it could signal a consolidation phase before a larger bullish breakout.
A slowdown in selling pressure could push ETH back toward $2.7K, and possibly $3K, but bulls need to regain momentum first.
