Ethereum (ETH) Price Prediction: Will the Altcoin Spark a Bear Rally in the Final Days of 2024?

Altcoins’ trading volumes fell sharply in the final days of this year, and Ethereum [ETH] also fell victim to this drop. However, will this spark a bear rally as we count the remaining days of 2024?

Crypto Fear & Greed Index points towards extreme greed. In the final days of 2024, trading volume fell across all crypto sectors.

According to Santiment, trading volume fell across all crypto sectors in the final days of 2024. Overall, there has been a 64% decrease in trading volume compared to the previous week. This drop in trading volume is not surprising, especially during the final week of December when traders are preparing their year-end finances and the holiday season slows down activity in the markets.

However, if whales continue showing their strong accumulation trend, the lack of retail participation may lead to at least one final big 2024 pump. All while retail pays little attention.

ETH’s price dropped marginally over the last 7 days. At the time of writing, the altcoin was trading at $3,333.2 with a market capitalization of over $401 billion.

ETH’s NVT ratio dipped over the last few days. This indicated that Ethereum might be undervalued, hinting at a price hike in the coming days.

Apart from this, ETH’s exchange net flow has also been increasing. This indicated that net deposits on exchanges were high, compared to the 7-day average. Higher deposits can be interpreted as higher selling pressure.

Ethereum’s long short ratio registered a downtick too. This indicated that there were more short positions in the market than long positions – A sign of rising bullish sentiment in the market.

On the contrary, buying pressure on Ethereum increased lately and this can push the coin’s price up. The token’s buy volume touched 100 too. A number closer to 100 means that investors are considering buying a token.

However, technical indicators continued to be in the bears’ favor. The Chaikin Money Flow (CMF) registered a downtick. Similarly, the Money Flow Index (MFI) also moved south. Both these metrics indicated that selling activity was rising, which can affect Ethereum’s prices negatively on the charts.

In case of a sustained downtrend, ETH might drop to $3k again. However, in the event of a price hike, investors might expect the token to move towards $4k again.