Ethereum Sellers Take Brief Pause Set to Return Is ETH Heading to 2800 Next

CoinDesk Report:
Sellers have taken control of Ethereum’s price direction, suggesting a potential drop below $3,000. Daily realized ceilings have already declined, indicating waning market confidence if this trend persists.
Ethereum (ETH) could see a second dip below $3,000 within days, according to data from the Cumulative Volume Delta (CVD) obtained by AMBCrypto.
On the ETH/USD daily chart, spot CVD has dropped into negative territory. CVD tracks the difference in buying and selling volume of cryptocurrencies over a period.
Buyers Struggling Under Pressure
When positive, it indicates more holders are buying than selling, potentially leading to short-term price increases. However, when negative, it signifies sellers are dominant.
In this scenario, price gains become challenging. At the time of writing, the altcoin is priced at $3,012. Previously, ETH attempted to breach $3,100, but was rejected by bears.
However, besides CVD, other indicators suggest cryptocurrencies might need time to fully recover.
One such dataset is Mean Coin Age (MCA), representing the average age of coins on the blockchain. An increase implies older coins re-entering circulation, increasing the likelihood of sell-offs.
Conversely, a decrease in coin age suggests holders are avoiding selling, opting instead to store assets in non-custodial wallets.
More Old Coins, More Issues
As of this writing, ETH’s 90-day MCA has risen from 36.50 days to 37.12 days, indicating heightened trading activity in cryptocurrencies.
Given prices below those on July 6, most exchanges have concluded sales.
If this trend continues, Ethereum’s price could fall below $3,000. Moreover, if purchasing pressure fails to match upward momentum, prices could plummet to $2,881 as seen on the 5th.
Apart from the above scenarios, realized ceilings align with forecasts. Realized ceilings compare the last traded value of a coin to its transaction value.
As a measure based on collective cost basis, daily realized ceilings have dropped to $559.45 million. This decline suggests ETH has left some holders with unrealized losses.
Should this persist, broader markets may lose confidence in Ethereum, potentially decreasing demand for cryptocurrencies. In such a scenario, prices could fall as previously noted.
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Interestingly, as long as ETH remains in a bull market, this decline also presents buying opportunities.
However, the fruits of this change may not manifest in days or weeks. Yet, over the long term, Ethereum’s price could rise.