Concentrated, one-way aggressive selling can quickly break an established trading range, but the distribution of positions after a surge in volume reflects supply and demand more clearly than a single price move.
Spot $ETH broke downward out of its previous four-hour range, falling below the reference low of $2,221.47.
As prices weakened, spot trading volume climbed above $160 million, reaching 130 times the previous baseline, while aggressive buying accounted for less than 40%.
Sellers drove this rapid move by leading turnover with market orders. After prices moved out of the original range, the market needs time to rebuild pricing consensus at lower levels.
Spot $ETH broke downward out of its previous four-hour range, falling below the reference low of $2,221.47.
As prices weakened, spot trading volume climbed above $160 million, reaching 130 times the previous baseline, while aggressive buying accounted for less than 40%.
Sellers drove this rapid move by leading turnover with market orders. After prices moved out of the original range, the market needs time to rebuild pricing consensus at lower levels.