- The price of Ethereum has fallen by more than 2% in the past seven days.
- One benchmark suggested that ETH’s price was near its market bottom.
Ethereum [ETH] bears dominated this past week as the token’s price fell. However, this could be the last chance for investors to accumulate more ETH while the price is low.
ETH was at a crucial resistance level, and a breakout above it could result in a massive rally in the coming weeks or months.
Should you buy ETH now?
CoinMarketCap’s data showed that Ethereum witnessed a price correction last week as its value fell 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 posted tweet make this development visible. A breakout above resistance would trigger a massive bull rally.
Therefore, this could be the last chance for investors to buy ETH under $3.7k this cycle.
AMBCrypto then checked ETH’s on-chain data to see if investors were using this ability to accumulate.
According to our analysis of CryptoQuant’s factsETH’s net deposits on the exchanges were low compared to the average of the past seven days, reflecting high buying pressure. However, the other data sets suggested otherwise.
For example, ETH’s Coinbase Premium was red. This clearly meant that selling sentiment was dominant among US investors.
Source: CryptoQuant
Chance of a bull rally
AMBCrypto then took a closer look at the current state of Ethereum to better understand whether a near-term price increase is possible.
AMBCrypto’s look at Glassnode’s data revealed that the price of ETH was near the market low, according to the Pi-cycler top indicator.
This meant that there is a good chance that ETH will gain bullish momentum in the coming days. If that happens, ETH could reach $4.8k soon, which is optimistic to look at.
Source: Glassnode
We then looked at the token’s 12-hour chart to see what market indicators were suggesting regarding a near-term price increase.
According to our analysis, the MACD appeared to favor the sellers as it showed a bearish crossover.
Read Ethereums [ETH] Price prediction 2024-25
The Relative Strength Index (RSI) also remained bearish as it was below its neutral level. These indicators pointed to a continued price decline.
Nevertheless, the Chaikin Money Flow (CMF) turned bullish and moved north towards the neutral line in recent days.
Source: TradingView