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Home»ETHEREUM NEWS»Ethereum Could Reclaim $2,700 As Selling Pressure Reduces as Key Data Signals
ETHEREUM NEWS

Ethereum Could Reclaim $2,700 As Selling Pressure Reduces as Key Data Signals

By Crypto FlexsOctober 8, 20244 Mins Read
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Ethereum Could Reclaim ,700 As Selling Pressure Reduces as Key Data Signals
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This article is also available in Spanish.

Ethereum (ETH) is currently trading around 11% below its local high of around $2,730. Investors are optimistic about the possibility of future price surges due to the revitalization of on-chain data.

Glassnode’s key indicator shows a decline in ETH inflows to exchanges, suggesting investors are holding on to the asset rather than selling it. These trends typically indicate a cumulative increase and may signal a bullish breakout.

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As the broader cryptocurrency market develops, Ethereum investors remain cautious, hoping for a bullish recovery that could propel prices higher. A decrease in exchange inflows may mean that traders are bracing for a potential upward move as they will be more inclined to hold onto their holdings during this critical phase.

If Ethereum successfully breaks through the critical resistance level, it could reignite bullish momentum and attract additional investments. The next few days will be pivotal days for ETH as traders closely monitor price action and on-chain indicators for any signs of recovery. With the right conditions, Ethereum could target new highs, reinforcing the overall positive sentiment in the market.

Reduction in net position fluctuations on Ethereum exchanges

Ethereum (ETH) is currently at a critical price level after falling 15% from local highs. Since the Federal Reserve (Fed) decided to cut interest rates a few weeks ago, the cryptocurrency industry as a whole has been filled with expectations of a massive rebound. But despite the optimistic outlook, prices have struggled to rise, making many investors nervous.

Fortunately, Glassnode’s on-chain data suggests a decrease in selling pressure, which could improve market sentiment and pave the way for a potential ETH rebound. One key indicator to consider is the Ethereum Exchanges’ Net Position Changes indicator, which has been trending downward since mid-September. This indicator tracks the flow of ETH into and out of exchanges, and recent declines indicate significant declines in inflows.

The amount of change in net position on the Ethereum exchange decreases. | Source: Glassnode

Lower inflows generally mean less selling pressure. This is because the number of investors moving their assets to exchanges to sell is small. This change in momentum reflects a positive change in market sentiment, suggesting that investors may be less inclined to liquidate positions at current price levels.

The decline in selling activity could give Ethereum some much-needed breathing space to recover from its recent decline.

Moreover, increased investor confidence may lead to higher prices in the future. If this trend continues, Ethereum could be positioned for a resurgence, potentially setting the stage for a bullish breakout as market dynamics shift in its favor. With traders remaining vigilant, all eyes will be on ETH to see if it can capitalize on the improving sentiment and regain upward momentum.

ETH Tests Critical Supply Levels

Ethereum (ETH) is trading at $2,448 after being rejected by the 4-hour 200 exponential moving average (EMA) of $2,516. The price also struggled to maintain momentum above the 4-hour 200 moving average (MA) of $2,458, representing a critical moment for ETH. If Ethereum fails to recover both of these key levels in the coming days, it is at serious risk of falling towards the $2,200 level, potentially triggering a deeper correction.

ETH loses both 1D 200 EMA and MA.
ETH loses both 1D 200 EMA and MA. | Source: TradingView ETHUSDT Chart

Conversely, if ETH breaks and holds above these important indicators, it could signal a bullish trend reversal and open the door for a surge towards the $2,700 resistance area. The results over the next few days will be very important in determining the trajectory of Ethereum.

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Traders and investors will be monitoring these levels closely. The ability to recover this could give ETH the momentum it needs to regain strength and test higher price levels. The current price action reflects uncertainty in the market, so it is essential for ETH to assert itself resolutely to inspire confidence and drive the uptrend.

Featured image by Dall-E, chart by TradingView

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