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- Buying pressure on ETH has remained high in recent days.
- Technical indicators supported the possibility of a price increase.
As market conditions remained bearish, Ethereum [ETH]like most other cryptos, also witnessed corrections.
The latest pullback has now become a test for the bulls as the king of altcoins failed to break the $3.9k resistance.
Ethereum bulls under pressure
ETH witnessed a price correction of over 3% in the last 24 hours, pushing its price below $3,000. At the time of writing, the king of altcoins was trading at $3,760.02 with a market cap of over $452 billion.
As the price of the token fell, the Ethereum Foundation took a step. Spot On Chain recently posted tweet showing that the Ethereum Foundation just sold 100 ETH for 374,334 DAI.
This brought their total ETH sales in 2024 to 4,366 ETH for $12.21 million at an average price of $2,796.
To see if this sales trend was dominant in the market, AMBCrypto checked other data sets.
Fortunately, not all investors sold their holdings, which could help bulls spark a recovery and allow ETH to cross $3.9k again.
This trend was evident in the drop in ETH balances on the exchanges over the past two weeks.
Source: Glassnode
Hyblock Capital facts revealed that ETH’s sales volume fell to 9.6 after peaking. For starters, a number closer to 0 indicates less selling pressure, while a value closer to 100 indicates high selling pressure.
However, the whales chose to move in the opposite direction. According to CFGI.io’s factswhale sentiment reached 61.5% – a sign of major whale movement for sales.
Will ETH bulls reverse the bearish trend?
Although whales decided to sell, ETH bulls could still manage to push the token’s price higher. Ethereum’s NVT ratio recorded a decline in recent days.
When the measure falls, it means an asset is undervalued, indicating a price increase in the coming days.
Source: Glassnode
Apart from this, AMBCrypto also discovered that ETHs Long/short ratio increased in the 4 hour time frame.
This meant that there were more long positions in the market than short positions, which usually indicates rising bullish sentiment around a token.
Some technical indicators also suggested that Ethereum bulls could make a comeback. For example, the technical indicator Relative Strength Index (RSI) registered a slight increase.
Read Ethereums [ETH] Price prediction 2024–2025
The Chaikin Money Flow (CMF) also rose. A rise in the CMF indicates that buying pressure is increasing and the market or asset may be entering an uptrend.
Therefore, Ethereum bulls could successfully pass the test and help the price of ETH rise again in the short term.
Source: TradingView