Analysts highlight that Ethereum's bullish market structure is facing potential risks, raising concerns among holders. A sell-side dominance is observed.
Current Market Analysis
Ethereum's bullish market structure is under threat as order book and on-chain data indicate potential downside risk. Analysts emphasize a negative order book imbalance, which may impact ETH and DeFi assets if support levels are breached.
Currently, Ethereum is trading at $3,692.
Importance of $3,630 Support
The key support at $3,630 is a critical level for Ethereum and DeFi assets. If this level fails, it could lead to significant consequences for the market, as history shows that similar negative buy/sell ratios have led to local corrections.
Analysts are monitoring the current market conditions to assess potential scenarios.
Implications for the DeFi Market
Historical data suggests that token and DeFi protocol stakeholders may encounter adjustments if bearish momentum persists. Analysts continue to monitor order books and on-chain movements for further insights into market conditions.
Thus, the current state of Ethereum and its support at $3,630 raises concerns among market participants. The ongoing situation will need to be closely observed for its impact on DeFi investments.
