- Ethereum’s price action finally turned bullish over the past 24 hours.
- Selling pressure on Ethereum increased last week.
The actions of whales have a major impact on crypto prices, including those of top coins such as Ethereum [ETH]. The latest analysis has rightly pointed out such an interesting development. Additionally, a key ETH metric suggests that investors may soon witness a price increase.
Ethereum and Bitmex connection
BlitzzTrading, an analyst and author at CryptoQuant, recently posted analysis emphasize a unique trend. According to the analysis, after sharp increases in Ethereum reserves, noticeable decreases in the ETH price are observed.
For example, on September 28, there was a huge drop in Bitmex exchange reserves, followed by a rise in the ETH price.
This correlation between ETH and Bitmex meant that when Bitmex buys Ethereum whales through Bitmex, we observe a decrease in reserves.
Conversely, when we sell, we see an increase in Bitmex reserves. Also at the time of writing, Bitmex’s ETH reserves remained relatively low.
Source: CryptoQuant
Ethereum at a market bottom
In the meantime, Ethereum’s price finally managed to turn bullish after several days of corrections. According to CoinMarketCapthe price of ETH has risen by almost 2% in the past 24 hours.
At the time of writing, ETH was trading at $3,428.69 with a market cap of over $412 billion. AMBCrypto’s look at Glassnode’s data also pointed to a bullish metric.
The Pi Cycle Top indicator revealed that the price of ETH had reached a market bottom, indicating a bull rally. If that proves to be true on this occasion, ETH could soon reach $5,000.
Source: Glassnode
Apart from this, Ethereum’s fear and greed index had a value of 32% at the time of writing, meaning the market was in a “fear phase”. When the benchmark reaches this level, it indicates that the likelihood of a price increase is high.
Nevertheless, Santiment’s data showed that selling pressure on the token was high. This seemed to be the case as the supply of ETH on the exchanges increased.
Furthermore, currency inflows spiked, indicating an increase in selling pressure, which could hinder the price of ETH from rising.
Source: Santiment
Is your portfolio green? look at the ETH profit calculator
Similar to the aforementioned statistics, some market indicators also remained bearish on the token. For example, both Ethereum’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) moved sideways near their respective neutral points.
Nevertheless, the Money Flow Index (MFI) looked bullish as it moved north, indicating continued price appreciation.
Source: TradingView