The Ethereum (ETH) price has dropped 3.5% to $3,550, amid a broader cryptocurrency market correction. The daily trading volume has surged by 84% to $14.8 billion, indicating a significant increase in market activity. However, futures traders are showing a bearish trend, selling aggressively, which may indicate a further price drop.

Aggressive Selling in Futures Market

The Taker Buy Sell Ratio, a metric that measures the aggressiveness of buyers and sellers, has been declining sharply, indicating that most futures traders are selling Ethereum aggressively. This trend suggests that the current downward retracement may continue if it persists. On the other hand, the Network Realized Profit/Loss (NPL) indicator suggests that holders are selling at significant profits, hinting at the formation of local tops.

Uncertainty Surrounds Spot Ether ETF Approval

The approval of Spot Ether ETFs by the US Securities and Exchange Commission (SEC) is still uncertain, which may be affecting the Ethereum price. Despite record investment inflows last week, investors are unsure whether this trend will continue. Even if the SEC approves the filings, investors worry that the current market conditions may not be conducive to demand for Ethereum ETFs.

Support Zone and Macroeconomic Concerns

The Ethereum price has a notable support zone, comprising the 100-day moving average at $3,430 and the 0.5 Fibonacci retracement level at $3,419. It remains to be seen whether Ethereum whale accumulation will continue. Additionally, macroeconomic concerns are showing further signs of stress, which may impact the cryptocurrency market.

Conclusion

The Ethereum price is facing pressure due to aggressive selling in the futures market and uncertainty surrounding Spot Ether ETF approval. While holders are selling at significant profits, the current market conditions may not be favorable for Ethereum ETFs. The support zone and macroeconomic concerns will be crucial factors to watch in the coming days.