CryptoQuant analyst CoinCare said that selling pressure on Ethereum (ETH) has eased and an uptrend is imminent.
At this point, the analyst suggests that ETH could experience an upward move towards new all-time highs in about a month.
At this point, the analyst noted that Ethereum’s net buyer volume had bottomed out and was showing an upward trend.
Net Buyer Volume is an on-chain indicator that shows market buying and selling pressure.
Generally, if Net Buyer Volume is positive, it is assumed that buying pressure is greater than selling pressure, and if it is negative, it is assumed that selling pressure is greater than buying pressure.
At this point, the analyst said that selling pressure was still ongoing, but the aggressive selling period was over and that selling pressure peaked in September.
According to the analyst, if the current uptrend continues, it appears that Net Buyer Volume is about a month away from turning positive. This could trigger a rise in ETH.
If Net Buyer Volume turns positive within about a month, the Ethereum price could show an upward move towards its ATH (All-Time High) level.
The analyst noted that this situation occurred again during the year. Net purchase volume was at a low level in January of this year, then gradually increased, reaching a positive level around April.
Subsequently, the price of ETH rose significantly in April and May of this year.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/its-time-for-ethereum-eth-to-rise-analyst-gives-a-one-month-timeframe/
