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ETH spot order book is flashing a notable signal—ask-side orders are stacking up relative to bid-side activity within the ±10% range around current price levels. Heavy resting sell orders versus buy orders kind of paint a picture here.
Could be traders just taking chips off the table after some rough price action. Spot holders looking for an exit when sentiment turns south. But honestly, order book dynamics shift fast, so read into it what you will.