Ethereum: Analyzing whether $4.8K is in sight for ETH

A metric suggested that ETH’s price was near its market bottom.bears dominated the last week as the token’s price dropped. However, this might be the last chance for investors to accumulate more ETH while its price is low.

At the time of writing, ETH was trading at $3,687.02 with a market capitalization of over $442 billion. However, this bearish price trend might change soon as ETH is testing a key resistance level.revealing this development. A breakout above the resistance would spark a massive bull rally. AMBCrypto then checked ETH’s on-chain data to see whether investors utilized this opportunity to accumulate., ETH’s net deposit on exchanges was low compared to the last seven days’ average, reflecting high buying pressure. However, the other datasets suggested otherwise.

AMBCrypto’s look at Glassnode’s data revealed that ETH’s price was near its market bottom, as per the Pi cycler top indicator.

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