Is Ethereum still cheap at $2,600? Hike in selling pressure suggests…

• Whales have continued to build up ETH as the availability held by high addresses elevated
• A bullish development reversal would possibly permit ETH to reclaim $2.9k quickly

Ethereum [ETH], on the time of writing, had as soon as once more reclaimed $2,600 on the charts – An indication that one other value hike is perhaps on the way in which quickly. And but, that may not be the case since a big quantity of ETH was moved to exchanges only in the near past.

Therefore, the query – Will Ethereum face headwinds going ahead due to this sell-off? 

Is promoting strain rising on Ethereum?

CoinMarketCap’s data revealed that ETH’s weekly and each day charts remained purple, but it surely by some means managed to commerce near $2.6k. Valued at $2,602.78, the altcoin had a market capitalization of over $313 million at press time. 

That’s not all although as when AMBCrypto analyzed Ethereum’s rainbow chart, we discovered that ETH’s value was within the “nonetheless low-cost” zone. This recommended that traders would possibly contemplate accumulating the token earlier than it good points bullish momentum.

Supply: CoinStats

Is that taking place although? Effectively, a latest update by Whale Alert on X might need one thing to contribute to this discourse.

Based on the identical, 12,461 ETH – Value greater than $32 million – had been transferred from an unknown pockets to Coinbase, indicating a sell-off.

AMBCrypto then took a have a look at Santiment’s knowledge to seek out out whether or not promoting sentiment was dominant within the general market. As per our evaluation, Ethereum’s provide on exchanges elevated final week whereas its provide exterior of exchanges dropped barely, hinting at an increase in promoting strain. The truth that traders had been promoting was additional confirmed by the hike in ETH’s change outflows on 12 and 14 August.

Nevertheless, whereas traders at massive had been promoting, whales acted otherwise as the availability held by high addresses elevated.

This recommended that big-pocketed gamers nonetheless place confidence in ETH and predict its worth to surge within the coming days. 

Supply: Santiment

Odds of ETH turning bullish within the close to time period

AMBCrypto then checked Coinglass’ data to see what derivatives metrics recommended relating to Ethereum’s path forward. As per our evaluation, Ethereum’s lengthy/quick ratio registered an uptick.

An increase within the metric means that there have been extra lengthy positions out there than quick positions, indicating a hike in bullish sentiment round a token. 

Supply: Coinglass

Furthermore, ETH’s funding charge additionally dropped together with its value, which typically ends in a development reversal.

Lastly, AMBCrypto assessed Hyblock Capital’s knowledge to look out for ETH’s quick targets. 

Learn Ethereum’s [ETH] Worth Prediction 2024-25  

We discovered that within the occasion of a bullish development reversal, ETH’s value would possibly as properly march in direction of $2.9k. Nevertheless, if the bearish development continues, then the token would possibly fall to $2.4k on the charts. 

Supply: Hyblock Capital