After briefly dipping below $1 500, Ethereum fully reversed its trend and managed to repeatedly retest the major resistance level at $4 000, but so far, it has failed to break through.
ETH may need more time before it can overcome this level and challenge its previous all-time high once again.
One of the key data points suggesting that ETH could require more time comes from the derivatives market, particularly on Binance.
The taker buy/sell ratio has dropped sharply into negative territory today, reaching 0.87, one of the lowest levels since the beginning of the year.
Although today’s data is still incomplete, it already shows that selling pressure is firmly in control on ETH futures.
Since July 18th, this ratio has turned mostly negative, which partly explains why ETH seems to have entered a short-term consolidation phase.
We can also observe that the 7-day and 30-day SMAs are now trending downwards again, potentially signaling the beginning of a more challenging period.
Binance continues to show the highest ETH futures open interest among all exchanges.
Because of this, tracking investor behavior on Binance offers valuable insight, and right now, that sentiment is leaning increasingly pessimistic.
Written by Darkfost
