However, Ethereum has been underperforming on higher timeframes for over five months, raising questions about whether the crypto market is still in a bullish phase.
This metric, which reflects the highs in passive limit orders , often signals the end of a rally, followed by a bearish trend.Historical data supports this, showing that ETH may have peaked during the bull run that ended in May, now the market is in a consolidation phase.Looking at ETH’s price action suggests the possibility of a bear market. The ETH/USDT pair has been trending downwards since early June, breaking below its range on the daily timeframe during the market crash on August 5.
Supporting this, the Chaikin Money Flow and Relative Strength Index are both trending positively, hinting at bullish momentum until ETH hits the $3,000 zone.Moreover, a deeper look at the balance of ETH on exchanges raises further concerns about a potential bear market. Meanwhile, Bitcoin saw $52.7M in outflows, further reinforcing concerns about a broader market downturn. Ethereum ETFs have experienced continued outflows, and Bitcoin ETFs have turned negative after four days of inflows.