Ethereum (ETH) has been struggling under selling pressure, despite a minor 0.76% gain in the last 24 hours. At the time of writing, ETH is trading at $2,459, but market sentiment remains highly negative. Technical indicators suggest a possible drop to $2,200, raising concerns among investors.
Bybit’s ETH Purchases Failing to Boost Confidence
Following a $1.7 billion hack, Bybit has been accumulating Ethereum to stabilize its operations. On February 25, the exchange acquired 36,893 ETH (worth $87.5 million), bringing its total purchases over the past four days to 212,101 ETH (valued at $574 million). However, despite these large acquisitions, market sentiment remains bearish.
Additionally, ETH’s trading volume has dropped 38.6% in the last 24 hours, making price recovery even more difficult. Analysts note that Bybit’s large ETH purchases have not been enough to restore confidence, highlighting persistent selling pressure in the market.
Ethereum’s Technical Indicators Suggest Further Decline
ETH has lost critical support levels, signaling further downside potential. The cryptocurrency is currently trading below the 200-day EMA, indicating a downward market trend.
Technical analysis suggests that Ethereum could fall to $2,200 if selling pressure continues. If this level is breached, ETH may drop further to $2,000. Without strong buying interest, the downward trend is expected to persist.
Derivatives Market Signals Further Downside Risk
Futures market activity is also contributing to Ethereum’s price pressure. According to Coinglass, traders are expecting ETH to decline, with $247 million in long positions and $296 million in short positions at $2,355 and $2,458 levels.
This data indicates a dominant bearish sentiment, meaning that if Ethereum declines further, long positions could be liquidated, accelerating the downward move. The market remains uncertain, with traders closely watching support levels for potential recovery signs.
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