Ethereum’s (ETH) ‘Negative’ Metric Might Actually Mean a Bottom Is Forming

Ethereum (ETH) has once again slipped below the $4,000 mark as the market plunged after Federal Reserve Chairman’s unexpectedly hawkish remarks on ￰0￱ a result, ETH’s Buy/Sell Pressure Delta has turned negative, while on-chain volume also started to ￰1￱ Alphractal believes this combination might not be as bearish as it ￰2￱ Euphoria Hasn’t Started According to the latest update shared by crypto analytics firm Alphractal, each time this metric dips below zero, one of two outcomes typically follows: either the price has already bottomed out amid temporary selling pressure, or the market slips into a prolonged downtrend when the Delta becomes deeply negative.

However, the firm explained that the current readings do not indicate a severe downturn similar to the one observed between February and April. Meanwhile, the drop in on-chain volume, which measures the total USD value of ETH transactions, reflects waning public ￰3￱ is a common occurrence during “discouraging” or consolidation phases in the ￰4￱ factors together indicate that Ethereum may be in a phase of quiet accumulation rather than outright ￰5￱ points out that the combination of social disbelief and a mildly negative Buy/Sell Pressure Delta could imply that broader market euphoria has yet to begin. “The data tells a story of what’s truly happening on-chain – and if you look closely, things aren’t as bad for ETH as many believe.” Green Weeks Incoming?

Beyond on-chain data, crypto market analyst Michaël van de Poppe pointed out that Ethereum continues to show strength despite recent market ￰6￱ stated that ETH is firmly holding above a significant horizontal support zone, a price region that has repeatedly served as a solid base during past consolidation periods. Moreover, Ethereum remains above its 20-week moving average, a widely monitored metric that reflects medium-term market ￰7￱ de Poppe explained that this alignment between price support and moving average stability signals potential bullish momentum forming beneath the ￰8￱ ETH maintains these technical levels, he anticipates a shift toward positive weekly closes heading into November, which means that the market could be preparing for a rebound after weeks of range-bound movement and low investor sentiment.