In the final days of June, Ethereum's price has crossed a significant level, surpassing $2500. This movement is linked to various factors, including market sentiment changes and potential corrections.
Market Sentiment Shift
Recent fluctuations in sentiment regarding Ethereum indicate growing optimism among traders. Analyst Degen Hardy noted that he will maintain his positions on ETH as long as it holds above $2400. He pointed out that a drop below this level may signal that bulls are struggling to reclaim untapped heights.
Selling Pressure from Inflows
On-chain analysis reveals an increase in inflows on Binance, suggesting that large Ethereum holders may be preparing to take profits. Inflows of 177,000 ETH on the exchange over three days indicate a potential for short-term selling pressure.
Awaiting Short-Term Correction
The speculative activity surrounding Ethereum reaffirms a bullish trend; however, the substantial influx of funds onto exchanges suggests a need for correction may arise. Analysts like Hardy express caution and consider closing their positions if the market cannot continue its upward trajectory soon.
While bullish sentiment supports Ethereum's upward trajectory, the significant inflow of funds onto exchanges indicates potential for short-term correction. The long-term outlook for Ethereum remains positive.
