- Ethereum sees a bit of buying volume after pushing into noteworthy 2024 demand zone.
- Assessing the possibility of a shift from sell pressure to demand.
As a seasoned analyst with years of experience in the crypto market under my belt, I find myself cautiously optimistic about Ethereum’s current situation. The recent push into the 2024 demand zone and the slowing down of sell pressure are promising signs that we might be on the cusp of a shift from sell to buy.
Recently, the value of Ethereum [ETH] has dipped below $2,400 yet again, reversing much of its upward momentum from September. In essence, this places Ethereum back in the price range it reached in 2024’s lowest period.
Looking back at Ethereum’s price trend since January 2024, it’s clear that when the price falls below $2,400, strong demand tends to follow. In essence, there’s a high likelihood that Ethereum might see a surge in demand over the coming days.
At the moment of reporting, Ethereum (ETH) was being traded at $2,381, marking a 1.34% increase over the past day. This upward trend followed six straight days of sell pressure, implying that the selling momentum could potentially be easing off.
Ethereum might continue to dip, but the decrease in selling activity could pave the way for a revival of buying interest. Additionally, it’s important to note that the current price point is close to a significant Fibonacci retracement area, which could potentially trigger a surge in demand.
A good time to re-accumulate Ethereum?
Data from the Ethereum blockchain indicates a potential trend of accumulation, aligning with the patterns observed on price charts. Specifically, Ethereum saw a higher number of coins leaving exchanges (196,981) compared to those entering (167,346).
As a researcher examining market trends, I observed that more Ethereum (ETH) was being sent out of the market than coming in during the past 24 hours, indicating higher buy pressure compared to sell pressure. This could potentially account for the minor uptick seen in ETH’s price over the same period.
It appears that the pace of transactions on Ethereum exchanges has recently decreased, reaching a low point in both demand and supply fluctuations.
Based on our current data, a potential rise might suggest further growth. The resilience of this latest uptrend hinges on several crucial aspects, including the buying interest from large investors or ‘whales’. However, it’s important to know how much Ethereum is being accumulated by these whale investors.
The recent data on significant investors (whales) shows they are actively participating in Ethereum transactions. Notably, there is a noticeable difference between the inflow and outflow of Ethereum to and from these whale accounts.
As of October 3rd, a significant wallet has accumulated approximately 323,000 Ethereum. However, it’s worth noting that these same large wallets recorded an outflow of around 246,000 Ethereum during the same period.
Read Ethereum’s [ETH] Price Prediction 2024–2025
That was a difference of roughly 77,000 coins, which equated to almost $183 million worth of net buying pressure.
Based on the blockchain information we’ve seen, there’s a compelling argument supporting the optimism of Ethereum investors. Yet, whether Ethereum will see significant gains over the weekend hinges on its capacity to generate sufficient interest and demand.
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2024-10-04 22:15