Ethereum
Ethereum: Analyze if $4.8k is in sight for ETH
- Ethereum price has fallen more than 2% in the last seven days.
- One measurement suggested that the ETH price was near the market low.
Ethereum [ETH] bears dominated last week as the token’s price fell. However, this could be the last chance for investors to accumulate more ETH while its price is low.
ETH was at a crucial resistance level, and a break above this level could lead to a massive rally in the coming weeks or months.
Should you buy ETH now?
Data from CoinMarketCap revealed that Ethereum experienced a price correction last week, with its value falling by more than 2%.
At the time of writing, ETH was trading at $3,687.02 with a market cap of over $442 billion. However, this bearish price trend could soon change as ETH tests a key resistance level.
Milkybull, a popular crypto analyst, recently published a Tweeter revealing this development. A break above resistance would trigger a massive bull rally.
Therefore, this could actually be the last chance for investors to buy ETH below $3.7k during this cycle.
AMBCrypto then checked ETH on-chain data to see if investors took advantage of this opportunity to accumulate.
According to our analysis of CryptoQuant data, ETH net deposit on exchanges was low compared to the last seven-day average, reflecting strong buying pressure. However, other data sets suggest otherwise.
For example, ETH’s Coinbase Premium was red. This clearly meant that selling sentiment was dominant among US investors.
Source: CryptoQuant
Chances of a bullish rally
AMBCrypto then took a closer look at the current state of Ethereum to better understand whether a price increase is possible in the short term.
AMBCrypto’s examination of Glassnode data revealed that the ETH price was near the market low, according to the Pi cycler’s top indicator.
This means that the chances of ETH gaining bullish momentum in the coming days are high. If this happens, ETH could soon reach $4.8k, which is optimistic to consider.
Source: Glassnode
We then looked at the 12-hour chart of the token to see what market indicators were suggesting regarding a near-term price rise.
According to our analysis, the MACD tilted in favor of the sellers as it displayed a bearish crossover.
Read Ethereum [ETH] Price prediction 2024-25
Its relative strength index (RSI) also remained bearish as it was below its neutral mark. These indicators suggest a continued fall in prices.
Nonetheless, the Chaikin Money Flow (CMF) has turned bullish moving north towards the neutral mark over the past few days.
Source: TradingView