- 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.
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.
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.
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.
- 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.
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.
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.
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.
clomid or serophene for men clomid pills for sale clomiphene sleep apnea where to buy generic clomiphene no prescription how can i get cheap clomiphene pill where can i get cheap clomid no prescription where can i buy generic clomiphene
More content pieces like this would create the интернет better.
With thanks. Loads of erudition!
purchase zithromax generic – purchase ciplox online flagyl 400mg tablet
brand rybelsus – semaglutide 14mg pill buy periactin generic
motilium cost – cyclobenzaprine 15mg ca order cyclobenzaprine 15mg for sale
inderal 20mg cost – order methotrexate 10mg online cheap buy generic methotrexate over the counter
amoxil order – order valsartan pill order combivent 100 mcg generic
buy azithromycin 250mg online – nebivolol 5mg tablet nebivolol 20mg us
purchase amoxiclav pills – atbioinfo acillin pill
buy nexium 40mg online – nexium to us buy nexium generic
generic warfarin 2mg – https://coumamide.com/ buy generic cozaar online
purchase meloxicam sale – https://moboxsin.com/ buy meloxicam 15mg
buy prednisone 20mg pills – aprep lson order deltasone 20mg pills
cheapest ed pills – fastedtotake.com how to buy ed pills
amoxil tablets – amoxil where to buy amoxicillin pills
diflucan 100mg pill – https://gpdifluca.com/# buy cheap forcan
cenforce medication – https://cenforcers.com/ cenforce 100mg ca
cialis free trial canada – https://ciltadgn.com/ how to buy tadalafil online
e-cialis hellocig e-liquid – https://strongtadafl.com/ cialis with dapoxetine 60mg
order ranitidine 300mg generic – site order zantac 300mg for sale
cheap viagra online in uk – discount viagra for sale how to order viagra cheap
This website absolutely has all of the tidings and facts I needed there this participant and didn’t identify who to ask. https://buyfastonl.com/azithromycin.html
I couldn’t resist commenting. Adequately written! https://ursxdol.com/augmentin-amoxiclav-pill/
More articles like this would frame the blogosphere richer. https://prohnrg.com/product/omeprazole-20-mg/
More text pieces like this would make the web better. https://aranitidine.com/fr/lasix_en_ligne_achat/
This is the compassionate of scribble literary works I truly appreciate. https://ondactone.com/spironolactone/
With thanks. Loads of erudition!
https://doxycyclinege.com/pro/sumatriptan/
More delight pieces like this would insinuate the интернет better. http://web.symbol.rs/forum/member.php?action=profile&uid=1170912
generic dapagliflozin 10 mg – https://janozin.com/# dapagliflozin 10mg cheap
xenical drug – order orlistat without prescription orlistat 120mg us
More articles like this would pretence of the blogosphere richer. http://mi.minfish.com/home.php?mod=space&uid=1420895