Famous analyst warned: The decline in altcoins may deepen

Ethereum (ETH)As it tests $3500, CryptoQuant analyst ShayanBTC suggests that ETH could face further declines if current trends in the futures market fail to improve.

Bitcoin and Ethereum, which have been turbulent in recent times, brought altcoins to their lowest levels in weeks. Ethereum has fallen to $3,500 for the first time in more than three weeks. Following this price movement in ETH, ShayanBTC’s comments worried crypto investors.

Sellers started to dominate in futures markets

Amid bearish conditions, investor excitement is back. Data obtained from the futures market indicates that market participants expect sharper declines and turbulence to continue.

In a recent analysis, ShayanBTC drew attention to the bid-ask Ratio, which measures the trend in futures markets. A ratio above one indicates that buyers are dominant, while a ratio below one indicates that sellers are more aggressive.

According to market information, the seven-day moving average of this rate has been decreasing in the recent period and cannot exceed one. This bearish trend indicates that multiple futures traders are aggressively selling Ethereum.

Such behavior may result from speculation or profit motive in current market conditions. ShayanBTC argues that the significant decline in this rate serves as a bearish signal and suggests that the downward trend in Ethereum price may continue if this selling pressure continues.