On Binance, the buy activity is notably subdued as short positions continue to accumulate, which could result in either a significant decline or an abrupt surge. In a striking development, $1.6 billion in stablecoins surged into ETH within a mere 24-hour window, indicating a robust buying power poised for action. On September 19th, Ethereum traders on Binance exhibited a notably strong bearish sentiment, as evidenced by the taker buy/sell ratio falling below 0.87.
This milestone has been achieved only on two occasions earlier this year. The data indicates significant sell-side positioning as ETH trades close to its all-time high of approximately $5,000. Comparable lows observed in January and February aligned with drops beneath the $1,500 mark. The 7-day average stood at 0.93 at press time, representing the lowest point of the year. This scenario presents a potential risk of a correction; however, an overwhelmingly bearish consensus may trigger short squeezes should buying pressure make a comeback.
Analyst highlighted that ETH has been consolidating just below its 2021 ATH. He noted that the patterns indicate a correction of at least 25%+ following the attainment of previous all-time highs. A comparable action now could see prices dip to approximately $3,700-$3,800 before continuing on an upward trajectory. In the latest developments, the stablecoin supply on Ethereum has reached an all-time high of approximately $173 billion, marking a $50 billion increase since the beginning of the year. The substantial influx of stablecoins suggests a considerable amount of buying power is on standby, which could ignite a robust rally, propelling ETH to reach $10,000 by early 2026. In light of recent developments, Ethereum’s price action is now entering a pivotal phase.
The chart indicated that ETH is consolidating within the range of $4,470 to $4,500, with short-term support identified at approximately $4,460 and immediate resistance positioned around $4,495. The RSI indicated a neutral momentum, whereas the MACD displayed a slight bearish inclination, though a strong trend has yet to emerge. In the near term, a move above $4,495 could spark a recovery toward $4,550, whereas a drop below $4,460 might pave the way to $4,400.