- In the last week, Ethereum’s value dropped more than 2%.
- The price of ETH was close to its bottom market.
Ethereum [ETH] The price of the token dropped last week, and bears were the dominant theme. This could be the final chance investors have to buy more ETH at a low price.
ETH is at a critical resistance level. A breakout could lead to a huge rally over the next few weeks.
What is the best time to buy Ethereum?
CoinMarketCap revealed in its data that Ethereum experienced a correction of more than 2 percent last week.
ETH traded at $3.687.02 and had a capitalization over $442 Billion. This price decline could change in the near future as ETH is currently testing a critical resistance level.
Milkybull recently shared a post by a popular cryptocurrency analyst. tweet Announcing this development. The bull market would be sparked by a breakout of the resistance.
This could be the final opportunity for investors to purchase ETH below $3.7k during this cycle.
AMBCrypto then checked ETH’s on-chain information to see if investors used this opportunity to accumulate.
CryptoQuant is a cryptocurrency that we have analysed. dataETH’s net deposits on exchanges were low compared with the average of the past seven days, indicating a high level of buying pressure. Other datasets, however, suggested that the contrary was true.
Red is the color of the Coinbase Premium for ETH. The U.S. market was clearly in a selling mood.
The odds of a rally
AMBCrypto went on to examine Ethereum’s state in order to understand if an increase of price is feasible.
AMBCrypto’s analysis of Glassnode data showed that ETH was at its lowest price, according to the Pi cycler’s top indicator.
The chances that ETH will gain a bullish trend in the next few days were therefore high. If this happens, ETH could soon reach $4.8k. This is a very optimistic view.
Then we looked at the 12-hour chart of the token to determine what indicators pointed towards a short-term price increase.
Our analysis showed that the MACD was in favor of sellers, as it had a negative crossover.
You can read more about it here Ethereum’s [ETH] Price Prediction 2024-25
The Relative Strength Index stayed bearish, as well. It was below its neutral level. The indicators pointed to a continuing price drop.
In the past few days, however, the Chaikin Money Flow turned bullish as it moved northwards toward the neutral level.
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Source: ambcrypto.com