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ETH Bears Might Not Be Done: On-Chain Observations Suggest Sell Pressure Continues

June 21 (Cointime) - After a brief surge in the second week of June, Ethereum (ETH) has given up some of its recent gains and its on-chain observations suggest that ETH bears may not be done. ETH's median transaction volume has fallen to a 5-month low, indicating that sell pressure is increasing.

Additionally, exchange deposits have reached a 5-month high, further manifesting as sell pressure. Whales are still offloading their ETH and contributing to sell pressure, while on-chain volume has tapered out, confirming that ETH has run out of its previously observed bullish momentum. The future of ETH's momentum is uncertain and may depend on the FED's position on interest rates.

Ethereum Ethereum $3,428.69
+1.33%
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