🚨🚀🔥 #ETH has reached $2,700. Looks like money is flowing again… hehe 🤭
But with selling pressure steadily increasing, it’s worth watching whether ETH can hold $2,700 or if it will drop again.
ETH market activity has increased significantly over the past month. Both trading volume and Open Interest have also surged.
However, more and more signals are showing that selling pressure on ETH is increasing.
Selling pressure is rising in both the derivatives and spot markets. ETH, which had a strong September, is now at a point where it needs to defend the $2,700 level again.
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On October 5, ETH was trading around $2,721.83 after briefly dipping to $2,660.
However, although the price is rising again, trader positioning on Binance is moving in the opposite direction to price action, indicating that selling pressure is high.
As the chart shows, the Cumulative Volume Delta (CVD) has been gradually trending into negative territory since August.
Simply put, market sells are outnumbering market buys.
ETH finished September with its best performance since 2016, but so far it hasn’t shown signs of an immediate breakout into a higher price range. We’ll have to wait and see whether this gradual climb is sustainable.
Sentiment is still in the Greed zone.
Its score is around 65, so it’s still in the Greed zone.
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So, despite the selling pressure, there’s hope that bullish expectations and buying demand can bring the market back into balance.
In the spot market, a whale sold 13,330 ETH from their reserves.
What’s remarkable is that they acquired those ETH during the ICO at $0.31 per ETH. They must be sitting on a fortune now.
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The current situation carries risks on both sides.
Liquidation risk is high for both long and short positions.
If ETH rises by around another $100, short positions could be at risk.
If that happens, short liquidations could push the price even higher.
On the other hand, with bullish sentiment running high, there’s still a risk that more selling pressure could come in, pushing the price down and liquidating long positions.
The key battle zone to watch for ETH is
$2,600 — Long-side defense
$2,700 — A key level right now
$2,750–$2,800 — Short-pressure zone
$3,000 — Upper zone with concentrated liquidity
So ETH’s price is rising again, but CVD is falling and Open Interest is rising—a mixed signal.
So, instead of asking, “Can ETH hold $2,700?”
The more important question is: “Can spot demand absorb this selling pressure?”
Prices are gradually rising again. Have you guys started buying crypto? How much have you bought so far? Let us know in the comments below.
