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Ethereum Bears Lose Steam on Binance as Selling Pressure Weakens, Bulls Eyeing a Recovery
In a surprising turn of events, the bears’ grip on Ethereum (ETH) appears to be weakening, and bulls are now eyeing a potential recovery. The cryptocurrency’s price action has taken an interesting twist in recent days, with selling pressure easing off, particularly on Binance.
The sudden change in sentiment may lead to a short-term stabilization or even a rebound in the near future. Selling pressure may act as a launchpad for price stabilization or a price recovery in the short term as bullish momentum picks up.
Darkfo, an expert in cryptocurrency market analysis, highlighted that the easing selling pressure might contribute to the formation of a bottom and, at the very least, temporarily stop the bloodbath in Ethereum if the pattern persists. However, he also noted that the trend is still too weak to make any clear conclusions, even though it’s an encouraging sign for Ethereum’s price dynamics.
Investors are closely monitoring whether bulls can take advantage of this change and propel ETH toward a short-term recovery.
Source: https://bitcoinist.com/ethereum-selling-pressure-weakens/
