Ethereum has shown remarkable strength amidst considerable selling pressure, maintaining its price above the critical level of $4,590. According to the results published in the material, this resilience highlights the ongoing battle between buyers and sellers in the cryptocurrency market.
ETH Sees Modest Daily Gain Amid Supply Influx
Despite the influx of supply on exchanges, buyers have managed to absorb the selling, resulting in a modest daily gain for ETH. This indicates a robust demand that could potentially lead to further price increases.
On-chain Metrics Indicate Strong Buy Orders
On-chain metrics reveal that buy orders are sufficiently strong to mitigate the selling pressure, suggesting that if this trend continues, Ethereum may soon test higher price levels. Market participants are closely monitoring these developments. Sustained buying could pave the way for a bullish momentum in the near future.
