Altcoins
Ethereum’s Big Tip: Last Chance to Buy ETH at $3,500?
- The price of Ethereum has fallen by more than 3% in the last 24 hours.
- A key indicator suggested that ETH was near the bottom of the market.
Ethereum [ETH] Bears continued to dominate the market as the token’s weekly chart remained red.
However, the whole situation can change, as the latest data has revealed that this could be the last stage of the accumulation phase for altcoins.
Since Ethereum is the world’s largest altcoin, the chances of ETH gaining bullish momentum seemed likely.
Last chance to buy ETH
CoinMarketCap data revealed that the price of ETH has fallen by more than 3% in the last seven days. At the time of writing, the king of altcoins is trading at $3,553.33 with a market capitalization of over $426 billion.
Meanwhile, Milkybull, a famous crypto analyst, published a tweet highlighting how altcoins were following the trend of 2020, which resulted in a massive altcoin season.
In 2020, the altcoin market cap broke out of a pennant pattern, starting a bullish rally. A similar pattern has emerged once again, suggesting that this may be the last opportunity to buy alts, including Ethereum, at a lower price.
However, analysis of Santiment data by AMBCrypto revealed that investors were not capitalizing on this opportunity.
We found that ETH stock outflow has decreased over the past week. Furthermore, its supply on the exchange also increased, meaning that the selling pressure on the token was high.
Source: Santimento
Is Ethereum Waiting for a Rally?
Since Milklybull’s analysis hinted at a bullish rally, AMBCrypto then analyzed ETH’s on-chain data to see if it supported the possibility of a price increase.
Ethereum’s Pi Cycle Top indicator revealed that ETH was near the bottom of the market, suggesting a price rally.
If this happens, ETH could soon reach $4.92 thousand. To begin with, the Pi Cycle indicators are composed of the 111-day moving average and a 2x multiple of the 350-day moving average of Ethereum price.
Source: Glassnode
The possibility of ETH gaining bullish momentum seemed high, as at the time of writing indicative of fear and greed it had a value of 38%, which means that the market was in a “fear” phase.
Whenever the parameter reaches that level, it indicates that the chances of a bullish rally are high. We then took a look at ETH’s 12-hour chart to better understand what to expect from the king of altcoins.
The MACD technical indicator showed a bullish crossover.
Light That of Ethereum [ETH] Price forecast 2024-2025
However, the rest of the indicators looked bearish. For example, the Relative Strength Index (RSI) has seen a decline.
Chaikin Money Flow (CMF) has also been following a similar downward trend, suggesting that it may take a little longer for ETH to begin a bullish rally.
Source: TradingView