Ethereum’s Rollercoaster Ride: Price Dips Below $3,000 Amid Taker Volume Surge!
What’s the Deal with Ethereum?
So, picture this: Ethereum was basking in the limelight like a superstar at a concert, with its price hitting an impressive $3,400 earlier this week. But hold your horses—now it’s struggling to hold onto the magical $3,000 mark like it’s an old diary full of secrets!
Bearish Waves Hit the Crypto Scene
Last Friday, December 12, the crypto world felt like it was caught in a tidal wave of doom, with many big-name coins taking a nosedive. According to some fancy on-chain data, Ethereum wasn’t just on a wild ride—it was experiencing some serious selling pressure.
What Are Those Takers Up To?
In a recent ramble on X, the crypto whiz Maartunn dropped some knowledge bombs, saying that Ethereum’s price was feeling the pinch thanks to some heavy selling. He used the Taker Sell Volume metric to back it up—this nifty number tracks how much is being sold when takers swoop in to fill existing orders on exchanges.
Time for Some Numbers!
So get this: Taker Sell Volume across all those centralized exchanges went on a wild bender last Friday, skyrocketing to a jaw-dropping 124.2 million ETH! Can you say “panic mode”?
What Does That Mean?
Maartunn was quick to point out that this spike is as clear as day—it’s a sign of folks letting go of their ETH like it’s a hot potato. All that selling is what’s weighing down Ethereum’s price, pushing it down to that elusive $3,000 mark.
Exchange Inflows: Not a Good Sign!
Now, let’s talk about another hint that things are going south. The exchange inflow metric suggests that a boatload of ETH tokens have been making their way onto centralized exchanges recently. Ali Martinez shared that about 60,000 ETH, worth around $200 million, splashed onto exchanges last Friday.
Why Does It Matter?
Well, this influx of ETH means more of it is floating around on the exchanges than in your average crypto enthusiast’s wallet. And without enough demand to scoop up this growing supply, those prices are going to stay on the decline. As we speak, ETH is sitting around $3,080, taking a hit of over 4% in just the last 24 hours.