EthereumPoisedForShortTermDip

In my recent analysis of ETHW against the USDT trading pair, I observe a significant selling volume, with 66.71K Tether traded within just 59 seconds. The selling pressure appears dominant, with an 81% sell volume compared to only 19% buy volume, indicating a strong bearish sentiment currently prevailing among traders. The price has declined slightly by 0.4%, dropping from 1.5733 to 1.5673. Over the past 24 hours and 4 hours, ETHW has experienced marginal decreases of around 0.24% and 1.95%, respectively. The 15-minute and 1-hour windows also show modest declines, which further underline the recent bearish trend. Despite a total 24-hour volume of approximately 1.528 million Tether, the net volume shows a decrease on the 15-minute scale by 17%, but a slight increase of 4% in the last hour, suggesting some short-term volatility. The order books reveal that buy orders constitute roughly 43% of the total volume, while sell orders dominate at 57%, consistent with the overall sell-off trend. Notably, the 24-hour and 4-hour alert counts are low, each signaling only one alert, implying the current trend is recent and possibly short-lived. Overall, the market sentiment for ETHW in the short term appears bearish, with strong sell pressure and declining prices. Traders should be cautious and consider these signals when planning entry or exit strategies, as the current momentum favors continued downward movement unless a significant reversal occurs.