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

📉 Ethereum Price Drop: Ethereum (ETH) bears dominated last week, with the price dropping over 2%. At the time of writing, ETH is trading at $3,687.02 with a market cap of $442 billion.

🚀 Potential Breakout: ETH is testing a key resistance level, and a breakout above this could spark a massive bull rally in the coming weeks or months. According to popular crypto analyst Milkybull, this might be the last chance to buy ETH under $3.7k in this cycle.

📊 Market Sentiment and On-Chain Data:

Buying Pressure: CryptoQuant data shows low net deposits of ETH on exchanges compared to the last seven days’ average, indicating high buying pressure.

Selling Sentiment: ETH’s Coinbase Premium is red, reflecting dominant selling sentiment among U.S. investors.

📈 Odds of a Bull Rally:

Market Bottom: Glassnode data suggests ETH is near its market bottom, per the Pi cycler top indicator, increasing the chances of a bullish momentum in the coming days. If bullish momentum occurs, ETH might reach $4.8k soon.

🔍 Technical Indicators:

MACD: The MACD indicates a bearish crossover, favoring sellers.

RSI: The Relative Strength Index (RSI) is bearish, remaining below its neutral mark.

CMF: The Chaikin Money Flow (CMF) has turned bullish, moving towards the neutral mark in recent days.

Conclusion:

Ethereum's current dip presents a potential buying opportunity if it breaks through the key resistance level, which could trigger a massive bull rally. While some indicators hint at a continued decline, other data points suggest an imminent price increase. Investors should weigh these factors and consider their risk tolerance before making a decision.