• ETH has surged over the past 24 hours by 5.41%.
• Although Ethereum is under pressure, the altcoin could recover in the short term before another decline.

Over the past three weeks, Ethereum [ETH] has struggled to maintain an upward momentum. Over this period, the altcoin has remained stuck within a consolidation range between $3.2k and $3.5k.

This prolonged consolidation has left analysts concerned about ETH’s future trajectory. Notably, CryptoQuant analyst Fost has suggested that Ethereum is facing extreme pressure.

Is Ethereum under pressure? 

According to CryptoQuant, Ethereum is facing high FUD and bearish sentiment, resulting in altcoin’s continued underperformance.

Firstly, Ethereum’s netflow on Binance indicates that inflows have dominated since September 2024. This period saw six days with inflows exceeding 100k ETH, compared to one day with the same outflows.

Secondly, Ethereum’s reserve on Binance has surged from 3.6 million ETH in September to 4.3 million ETH as of this writing with a peak of over 4.5 million ETH, adding almost 1 million ETH in a month.