- The price of Ethereum has fallen by more than 2% over the past seven days.
- One indicator suggested that ETH price was near the market bottom.
Ethereum [ETH] Bears have prevailed over the past week as the token’s price has fallen, but this may be investors’ last chance to accumulate more ETH while prices are low.
ETH is at a key resistance level, and a break above it could pave the way for a massive upside in the coming weeks and months.
Should I buy ETH now?
Ethereum saw a price correction last week, with its price dropping by more than 2%, according to data from CoinMarketCap.
At the time of writing, ETH is trading at $3,687.02 with a market cap of over $442 billion. However, this bearish price trend may change soon as ETH is testing key resistance levels.
Popular crypto analyst Milkybull recently Tweet This development is making it clear that a breakout above resistance will spark a massive bull market.
So, this may actually be the last opportunity for investors to buy ETH below $3.7k this cycle.
AMBCrypto then checked ETH’s on-chain data to see if investors took advantage of the opportunity to accumulate.
According to CryptoQuant’s analysis: dataETH net deposits on exchanges are lower compared to the past seven-day average, reflecting high buying pressure, although other datasets suggest otherwise.
For instance, Coinbase Premium for ETH was in the red, which clearly meant that selling sentiment prevailed among US investors.
Source: CryptoQuant
Probability of a bull market
AMBCrypto then took a closer look at Ethereum’s current state to get a better understanding of whether its price is likely to rise in the near future.
AMBCrypto reviewed data from Glassnode and it was revealed that ETH price is near the market bottom, according to the top Pi cycler indicator.
This means that ETH is likely to gain bullish momentum in the coming days. If so, ETH could reach $4.8k soon, which is an optimistic look.
Source: Glassnode
We then looked at the token’s 12-hour chart to see what market indicators are suggesting in terms of short-term price growth.
As per our analysis, the MACD was showing a bearish crossover which looked in favour of the sellers.
read Ethereum [ETH] Price Prediction 2024-25
The RSI has also remained bearish, remaining below the neutral level, suggesting that the price decline may continue.
Nonetheless, Chaikin Money Flow (CMF) has turned bullish in recent days, moving north towards neutral levels.
Source: TradingView
