ETH’s press time market structure stood hounded by the bears Immense selling pressure could push funding rates further into the negative territory Ethereum [ETH] broke through several support levels and plunged even lower as FUD spread around the alleged FTX exploiter dumping ETH for BTC. The alleged FTX exploiter sold 50,000 ETH for BTC over the […]
Immense selling pressure could push funding rates further into the negative territory
From a technical perspective, the Relative Strength Index was at 26, in oversold territory. This indicated strong selling pressure with the bears in a stronger position. The next possible support can be obtained by calculating the triangle’s height and placing it in the breakout position. According to this, the next likely support was at around $980. Therefore, ETH could fall to $980 in the next few hours or the next day or two.
bearish sentiment in the spot market made its way to the derivatives markets. Increasing selling pressure attracted more active addresses in the past 24 hours, indicating a likely downward trend for ETH prices.
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