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- Ethereum price action has finally turned bullish over the past 24 hours.
- Selling pressure on Ethereum increased last week.
The actions of whales have a significant impact on the prices of cryptocurrencies, including the prices of top coins like them Ethereum [ETH]Recent analysis rightly points to an interesting development. Separately, a key metric for ETH suggests that investors could see a price rise soon.
Ethereum and Bitmex connection
BlitzzTrading, an analyst and author at CryptoQuant, recently posted, analysis Highlighting a unique trend. According to the analysis, after sharp increases in Ethereum reserves, a significant decline in the price of Ethereum was observed.
For example, on September 28, there was a significant drop in Bitmex exchange reserves, followed by a rise in the price of ETH.
This correlation between ETH and Bitmex means that when Bitmex Ethereum whales purchase through Bitmex, we see a decrease in reserves.
Conversely, when they sell, we see an increase in Bitmex’s reserves. Also at press time, Bitmex’s ETH reserves remained relatively low.
Source: CryptoQuant
Ethereum is at the bottom of the market
Meanwhile, Ethereum price has finally managed to turn bullish after several days of corrections. According to CoinMarketCapThe price of ETH is up almost 2% in the last 24 hours.
At the time of writing, ETH is trading at $3,428.69 with a market capitalization of over $412 billion. AMBCrypto’s look at Glassnode data also indicated a bullish scale.
The Pi Cycle Top indicator revealed that the price of ETH has reached the market bottom, indicating a bullish rally. If this turns out to be true on this occasion, the price of ETH could soon reach $5,000.
Source: Glassnode
Apart from this, Ethereum Fear and Greed Index The value of the index was 32% at the time of publishing this report, which means that the market was in a “fear” phase. Whenever the indicator reaches this level, this indicates that the chances of price increases are high.
However, Santiment data revealed that selling pressure on the token was high. This seems to be the case with the oversupply of ETH on exchanges.
Additionally, the exchange flow has also increased, indicating increased selling pressure, which could prevent the price of ETH from rising.
Source: Santiment
Is your wallet green? Check the ETH Profit Calculator
Like the above-mentioned metrics, some market indicators also remained bearish on the token. For example, both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) moved sideways near their neutral marks.
However, the Money Flow Index (MFI) looked bullish as it moved north, indicating continued price increases.
Source: Trading View
