Alarm bells are ringing for Ethereum (ETH): Could a decline be imminent?

Ethereum (ETH), which has been worrying with its recent poor performance, has come to the fore with onchain data.

Net outflows from spot ETFs and the increase in Bitcoin dominance continue to shake Ethereum. ETH, the leader of altcoins that continues its downward trend, has begun to scare with onchain data. Risks are increasing in Ethereum, which is struggling with selling pressure.

While the price of Ethereum approaches $2400, open interest in $ETH fell by 1.02 percent to $11.44 billion. The options market recorded a 28.50 percent increase in volume, reaching $46,465 million. According to CoinGlass data, open interest in Ethereum options increased by 2.44 percent to $5.07 billion. The long-short ratio in the last 24 hours is 0.96, indicating a slight downward trend.

In the last 24 hours, $51.23 million worth of Ethereum positions were liquidated. $43.17 million of this liquidation amount was long and $8.05 million was short. With long positions being liquidated five times more than short positions, Ethereum is on a downtrend. The leader of altcoins, which has lost value due to both net outflows in spot ETFs and its crushing against Bitcoin, may test $2300 in the short term.

As of the writing of the news, Ethereum is trading at $2,418 and has experienced a 2.85 percent decrease in 24 hours. It has lost 8.56 percent in the last seven days. ETH's market value is currently $291 billion and its 24-hour trading volume is $16.11 trillion. Increasing volatility in the market, especially BTC, may pose a danger to ETH. Altcoin investors in particular should be careful during this process.

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