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.
These factors together indicate that Ethereum may be in a phase of quiet accumulation rather than outright decline. Alphractal 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 uncertainty. He 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 health. Van de Poppe explained that this alignment between price support and moving average stability signals potential bullish momentum forming beneath the surface.
If 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.
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