Українська
Русский
English
Polymarket Shows 56% Odds ETH Falls Below $2K by the End of May: Data Looks Grim
Ethereum traders are becoming increasingly bearish amid a price decline of more than 9% over the past week. It is worth noting that prediction platform Polymarket now shows a 56% probability that Ethereum will fall below $2,000 before the end of the month.
Meanwhile, CoinMarketCap data shows that $ETH is trading slightly above $2,100 at the time of publication, while blockchain data and trading activity indicate growing aggressive selling pressure in the market.
Selling Pressure on Binance Accelerates
CryptoQuant analyst Amr Taha noted that Ethereum followed Bitcoin’s decline amid a sharp increase in selling volume on Binance. According to the analyst, Binance Taker sell volume rose above $1.1 billion, while $ETH dropped below the $2,100 level.
Taker Sell Volume tracks market sell orders executed instantly against existing bids. When this metric spikes sharply during a rapid decline, it usually indicates panic selling, forced liquidations, or short-term bearish positioning.
The analyst emphasized that the timing was important because the selling pressure was observed simultaneously in both Bitcoin and Ethereum, rather than being isolated to BTC alone.
Source: CryptoQuant.
Additional pressure emerged through exchange inflow data. According to CryptoOnChain, more than 225,000 $ETH moved to Binance in a single day, marking the largest exchange inflow spike since May 2023.
TD Sequential Signals: Possible Reversal
Crypto analyst Ali Martinez highlighted a weekly TD Sequential sell signal that recently appeared on Ethereum’s chart. He noted that previous TD Sequential signals on Ethereum over the past year produced significant market moves.
Source: X.
Buy signals in April and June of last year led to rallies of 86% and 134%, while a sell signal in August resulted in a 63% decline.
Based on the latest setup, Martinez believes Ethereum may be entering another corrective phase.
The analyst identified several downside targets, including $1,900 in the short term, $1,595 in the medium term, and $1,090 in the long term.
Martinez also pointed out that Ethereum is trading inside a long-term parallel channel on the weekly timeframe.
According to his chart, the lower boundary around $1,071 could eventually become a major support and accumulation zone if selling pressure persists.
See also: "Bitcoin Holds Near $77K After Four Consecutive Days of Declines"
