[Analysis] "Ethereum selling pressure weakens…Possible all-time high rally in 1 month"

Ethereum (ETH) appears to be experiencing weakening selling pressure. There is speculation that Ethereum's price could show an upward rally toward a new all-time high (ATH) about one month from now.

A CoinCare contributor to CryptoQuant said on the 11th (local time) via CryptoQuant, "The lows created by Ethereum's 'Net Taker Volume' are showing a clear upward trend." Net Taker Volume is an on-chain indicator that shows market buying and selling pressure. Generally, if Net Taker Volume is positive, buying pressure is considered greater than selling pressure. CoinCare said, "Selling pressure still exists, but the intensity of aggressive selling is gradually weakening."

It is analyzed that Ethereum's selling pressure peaked last September. CoinCare explained, "(Ethereum) selling pressure peaked last September, and the market steadily absorbed selling pressure for about three months," adding, "If the current trend continues, it appears there is about one month left until Net Taker Volume turns positive."

They also mentioned last April–May when Ethereum's price rose significantly this year. CoinCare said, "A similar movement occurred earlier this year," adding, "Net Taker Volume formed a low in January this year and then gradually rose, successfully turning positive around April." They added, "At that point, Ethereum's price surged more than threefold and set a new all-time high."

CoinCare emphasized, "Historically, the (Net Taker Volume) switching point has coincided with the start of Ethereum's strongest bullish phases." They said, "If Net Taker Volume turns positive, it could become a very likely catalyst for leading Ethereum's all-time high rally."