Ethereum experiences significant market turbulence as recent data reveals extreme sell-side activity. The cryptocurrency recorded a Net Taker Volume of -$418.8 million, representing an unprecedented imbalance where 116,000 more ETH were sold than purchased within a single trading session.
Despite this substantial selling pressure, Ethereum demonstrates resilience near the $3,643 support level. This price consolidation suggests absorption of sell orders by buyers, potentially laying groundwork for stabilization. Market observers note that reclaiming the critical $3,950 resistance threshold remains essential for confirming a sustained bullish reversal.
Contradicting bearish indicators, Ethereum shows strengthening network fundamentals. New Addresses surged 29.94%, while Active Addresses climbed 3.17%, reflecting heightened blockchain adoption that could foster price recovery.
Meanwhile, the MVRV Long/Short Difference reading above 12.36% indicates steadfast confidence among long-term holders, though it simultaneously flashes potential overvaluation warnings. This divergence between network growth and weak short-term sentiment presents a complex landscape for ETH’s near-term trajectory.