CryptoQuant analyst Coincare said selling pressure on Ethereum (ETH) has subsided and an uptrend is imminent.
At the moment, analysts are suggesting that ETH could rise towards new highs within about a month.
At this point, analysts pointed out that the number of net buyers of Ethereum has bottomed out and is showing an upward trend.
Net Buyer Volume is an on-chain indicator of market buying and selling pressure.
Generally, when net purchase volume is positive, it is assumed that buying pressure is greater than selling pressure, and when it is negative, it is assumed that selling pressure is greater than buying pressure.
The analyst said selling pressure is still present at the moment, but the period of active selling is over and selling pressure peaked in September.
“Ethereum selling pressure peaked last September, and the market steadily absorbed it for about three months.”
According to the analyst, if the current upward trend continues, it will take about another month for net purchaser numbers to turn positive. This could cause ETH to rise.
If the net purchase volume turns positive within about a month, Ethereum price could rise towards the ATH (all-time high) level.
Analysts noted that this situation has recurred this year. Net purchasing volume was at a low level in January of this year, but has gradually increased since then and reached a positive level around April.
After that, the price of ETH rose significantly in April and May of this year.
“Historically, positive net purchase volumes have coincided with the beginning of Ethereum’s strongest bullish periods.”
“A positive net purchase volume at this point could very well be the catalyst for Ethereum to reach an all-time high.”
*This is not investment advice.
