- Buying pressure on ETH remained high in the last few days.
- Technical indicators supported the possibility of a price increase.
As the market condition remained bearish, Ethereum [ETH], like most other cryptos, also witnessed corrections.
The latest pullback has now become a test for the bulls, as the king of altcoins was failing to breach the $3.9k resistance.
Ethereum bulls under pressure
ETH witnessed a more than 3% price correction in the last 24 hours, pushing its price under $3.k. At the time of writing, the king of altcoins was trading at $3,760.02 with a market capitalization of over $452 billion.
While the token’s price dropped, the Ethereum Foundation made a move. Spot On Chain recently posted a tweet revealing that the Ethereum Foundation just sold 100 ETH for 374,334 DAI.
This brought their total ETH sale in 2024 to 4,366 ETH for $12.21 million at an average price of $2,796.
To see whether this selling trend was dominant in the market, AMBCrypto checked other datasets.
Thankfully, not all investors were selling their holdings, which can support bulls to kickstart a recovery and allow ETH to cross $3.9k again.
This trend was evident from the decline in ETH’s balance on exchanges over the last two weeks.
Source: Glassnode
Hyblock Capital’s data revealed that after a spike, ETH’s sell volume declined to 9.6. For starters, a number closer to 0 indicates less selling pressure, while a value closer to 100 hints at high selling pressure.
However, the whales chose to move the other way around. As per CFGI.io’s
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Author: Dipayan Mitra
