Ethereum Metric Turns Negative — Bullish Bottom Ahead?

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Ethereum looks shaky at first glance, but Alphractal's data and van de Poppe's charts hint the worst may be over.

Ethereum (ETH) has once again slipped below the $4,000 mark as the market plunged after Federal Reserve Chairman’s unexpectedly hawkish remarks on Wednesday. As a result, ETH’s Buy/Sell Pressure Delta has turned negative, while on-chain volume also started to decline.

But Alphractal believes this combination might not be as bearish as it appears.

Real 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 interest. This is a common occurrence during “discouraging” or consolidation phases in the market.

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