The post Ethereum retests 2024 bottom range: Will fresh demand emerge? appeared on BitcoinEthereumNews.com.

Ethereum sees a bit of buying volume after pushing into noteworthy 2024 demand zone. Assessing the possibility of a shift from sell pressure to demand. Ethereum [ETH] bears recently pushed price below $2,400 once again, undoing most of its September gains. This also means that the cryptocurrency is once again trading within its 2024 low range. A glance at Ethereum price action since the start of 2024 reveals that sub $2,400 prices have historically yielded significant demand. In other words, there is a significantly high chance that ETH may experience a resurgence of demand in the next few days. ETH exchanged hands at $2,381 at press time, after a 1.34% upside in the last 24 hours. This was after previously experiencing sell pressure for six consecutive days, suggesting that sell pressure might be slowing down. Source: TradingView Ethereum may still push lower but the slowdown in sell pressure could give way for a demand comeback. Also note that the current price level is near a major Fibonacci retracement zone which could potentially pave the way for a demand resurgence. A good time to re-accumulate Ethereum? Ethereum on-chain data suggests that accumulation might already be taking place in line with the price chart observations. For example, ETH had higher exchange outflows at 196,981 coins compared to 167,346 coins in inflows. Source: CryptoQuant Higher exchange outflows than inflows confirm that buy pressure was higher than sell pressure. This may explain why ETH pulled off a slight uptick in the last 24 hours. We observed that ETH exchange flows have recently slowed down and are currently at the bottom of their demand and sell pressure swings. A swing up based on current observations could favor another uptrend. The strength of an uptrend from the latest wave of sell pressure depends on key factors,…

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Filed under: News - @ October 4, 2024 8:17 pm