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Home Ethereum

Ethereum retests 2024 bottom range: Will fresh demand emerge?

October 5, 2024
in Ethereum
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Ethereum retests 2024 bottom range: Will fresh demand emerge?
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  • 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.

Ethereum [ETH] bears recently pushed price below $2,400 once again, undoing most of its September gains. This also means that the cryptocurrency is once again trading within its 2024 low range.

A glance at Ethereum price action since the start of 2024 reveals that sub $2,400 prices have historically yielded significant demand. In other words, there is a significantly high chance that ETH may experience a resurgence of demand in the next few days.

ETH exchanged hands at $2,381 at press time, after a 1.34% upside in the last 24 hours. This was after previously experiencing sell pressure for six consecutive days, suggesting that sell pressure might be slowing down.

Ethereum

Source: TradingView

Ethereum may still push lower but the slowdown in sell pressure could give way for a demand comeback. Also note that the current price level is near a major Fibonacci retracement zone which could potentially pave the way for a demand resurgence.

A good time to re-accumulate Ethereum?

Ethereum on-chain data suggests that accumulation might already be taking place in line with the price chart observations. For example, ETH had higher exchange outflows at 196,981 coins compared to 167,346 coins in inflows.

Ethereum

Source: CryptoQuant

Higher exchange outflows than inflows confirm that buy pressure was higher than sell pressure. This may explain why ETH pulled off a slight uptick in the last 24 hours.

We observed that ETH exchange flows have recently slowed down and are currently at the bottom of their demand and sell pressure swings.

See also  Ethereum mirrors Solana's 2023 moves - Is 222% gains possible for ETH too?

A swing up based on current observations could favor another uptrend. The strength of an uptrend from the latest wave of sell pressure depends on key factors, among them being demand from whales. But just how much Ethereum is flowing into whale addresses?

The latest large holder flow revealed healthy whale engagement. A clear gap in the amount of ETH flowing into whale addresses compared to ETH flows out of whale addresses.

Ethereum

Source: IntoTheBlock

Large holder addresses received over 323,000 ETH as of 3 October.  On the contrary, large holder addresses registered just over 246,000 ETH outflows.


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.

The above on-chain data makes a strong case for Ethereum bulls. However, ETH’s ability to achieve a strong upside during the weekend depends on whether it can attract enough demand.

 

Next: Will SWIFT network’s upcoming trials boost crypto adoption?

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • 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.

Ethereum [ETH] bears recently pushed price below $2,400 once again, undoing most of its September gains. This also means that the cryptocurrency is once again trading within its 2024 low range.

A glance at Ethereum price action since the start of 2024 reveals that sub $2,400 prices have historically yielded significant demand. In other words, there is a significantly high chance that ETH may experience a resurgence of demand in the next few days.

See also  Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why

ETH exchanged hands at $2,381 at press time, after a 1.34% upside in the last 24 hours. This was after previously experiencing sell pressure for six consecutive days, suggesting that sell pressure might be slowing down.

Ethereum

Source: TradingView

Ethereum may still push lower but the slowdown in sell pressure could give way for a demand comeback. Also note that the current price level is near a major Fibonacci retracement zone which could potentially pave the way for a demand resurgence.

A good time to re-accumulate Ethereum?

Ethereum on-chain data suggests that accumulation might already be taking place in line with the price chart observations. For example, ETH had higher exchange outflows at 196,981 coins compared to 167,346 coins in inflows.

Ethereum

Source: CryptoQuant

Higher exchange outflows than inflows confirm that buy pressure was higher than sell pressure. This may explain why ETH pulled off a slight uptick in the last 24 hours.

We observed that ETH exchange flows have recently slowed down and are currently at the bottom of their demand and sell pressure swings.

A swing up based on current observations could favor another uptrend. The strength of an uptrend from the latest wave of sell pressure depends on key factors, among them being demand from whales. But just how much Ethereum is flowing into whale addresses?

The latest large holder flow revealed healthy whale engagement. A clear gap in the amount of ETH flowing into whale addresses compared to ETH flows out of whale addresses.

Ethereum

Source: IntoTheBlock

Large holder addresses received over 323,000 ETH as of 3 October.  On the contrary, large holder addresses registered just over 246,000 ETH outflows.

See also  Profitable Ethereum transactions on the rise - Time to invest in ETH?

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.

The above on-chain data makes a strong case for Ethereum bulls. However, ETH’s ability to achieve a strong upside during the weekend depends on whether it can attract enough demand.

 

Next: Will SWIFT network’s upcoming trials boost crypto adoption?
Tags: BottomdemandemergeEthereumFreshrangeRetests

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

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Kaixin plans crypto mining expansion amid Bitcoin’s new all-time high

Kaixin plans crypto mining expansion amid Bitcoin’s new all-time high

November 17, 2024
MicroBT Unveils Highly Anticipated WhatsMiner M60 Series at Blockchain Life 2023 in Dubai

MicroBT Unveils Highly Anticipated WhatsMiner M60 Series at Blockchain Life 2023 in Dubai

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Solana NFT Marketplace Tensor’s Token Debuts to $640 Million in Trading Volume

Solana NFT Marketplace Tensor’s Token Debuts to $640 Million in Trading Volume

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Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation

Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation

November 17, 2024

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