Ethereum Price Dips But Bullish Signs Emerge

Ethereum (ETH) price declined recently, but on-chain data and historical patterns suggest a potential market bottom and bullish reversal. Is now the time to buy ETH?

Article Body:

Ethereum (ETH), the second-largest cryptocurrency, has experienced a price drop of over 3% in the past week, currently trading around $3,553.33. However, several key indicators and historical patterns suggest that this could be a prime opportunity to buy ETH before a potential bull run.

Key Indicators:

  • Historical Pattern: Crypto analyst Milkybull highlighted a similar chart pattern in altcoin market capitalization to that seen in 2020, which preceded a massive altcoin season. This pattern suggests a possible repeat performance, indicating now may be the last chance to buy ETH and other altcoins at a discount.
  • Pi Cycle Top Indicator: This on-chain metric, which combines two moving averages of ETH's price, suggests that ETH is currently near a market bottom, hinting at a potential price uptick. If this holds true, ETH could soon reach $4,920.
  • Fear and Greed Index: The current value of 38% indicates a "fear" phase in the market. Historically, such periods have often preceded bullish rallies.
  • Technical Indicators: While the MACD displays a bullish crossover, other indicators like RSI and CMF remain bearish, suggesting a potential delay before a full-fledged rally.

Market Sentiment and On-Chain Data:

Despite the bullish signals, on-chain data from Santiment reveals increasing selling pressure, with a decline in ETH exchange outflow and an increase in supply on exchanges. This suggests that investors might not be fully capitalizing on the potential buying opportunity.


Ethereum's recent price dip has presented a mixed picture. While historical patterns and on-chain metrics point towards a potential market bottom and bullish reversal, selling pressure remains a concern. Investors should carefully weigh the risks and potential rewards before making any decisions.

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Source: Santiment

Source: Glassnode


Source: TradingView



Jun 18, 2024

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