ETH Selloff Accelerates as Ethereum Faces $1.55k Test

The Ethereum market has been under pressure in recent days, with $349.17 million worth of long positions facing liquidation over the past 24 hours.

This selling pressure is likely driven by a liquidation cascade, and according to Glassnode data, it could intensify.

The 7-day moving average of Ethereum's net transfer to/from exchanges metric has shifted from negative to positive, indicating a flow of coins into exchanges that could put more pressure on the already-strained price action.

A recent report by CryptoQuant found that the taker buy-sell ratio in the derivatives market has been in positive territory since June 10, but this has not translated to a significant price bounce.