Ethereum’s red-hot run might be catching its breath. After soaring nearly 45% in a month and smashing past key technical levels, ETH slipped about 3% to the $4,600 mark.
The pullback comes as more ETH is flowing back to exchanges — often a telltale sign that traders are locking in profits. Over the past week alone, ETH has jumped 16%, and its ETH/BTC ratio just crossed above the one-year moving average, usually a bullish signal. But history says that when the MVRV ratio approaches the current 0.8 level, the market often pauses… or takes a step back.
Even with ETF inflows hitting $1B in a single day, desks like France’s FlowDesk are spotting increased call selling at $7K–$8K strikes for December. Translation: some big players are hedging their bets.
And then there’s the macro picture. A hotter-than-expected U.S. inflation report reminded everyone that the fight against price pressures isn’t over. That’s enough to keep both crypto and traditional markets on edge.
The bullish case for ETH — strong demand, institutional interest, solid on-chain data — is still intact. But with stretched positions and profit-taking on the rise, this rally might be shifting into a slower gear.
Source: decrypto.news