On-chain signs: bearish vs bullish
Bearish
If we look into Ethereum itself, we might see massive divergencies across many metrics.
![](https://production-sanbase-images.s3.amazonaws.com/uploads/348b549c95415688a5223668eb83457dd6dd3cf1ef166148988f5888bbd08cf2_1680020374188_Ethereum%20%28ETH%29%20%5B18.16.29%2C%2028%20Mar%2C%202023%5D.png)
![](https://production-sanbase-images.s3.amazonaws.com/uploads/2a92733471b0f2ddf92233c0a51158dd77a171eb86e0791d27475f6d3b480aa3_1680020402050_Ethereum%20%28ETH%29%20%5B18.19.53%2C%2028%20Mar%2C%202023%5D.png)
![](https://production-sanbase-images.s3.amazonaws.com/uploads/eccbdbaaf3e45e27ba35c2269edde61fa294f2062cb2084b4f677d8fd043cb12_1680020688847_Ethereum%20%28ETH%29%20%5B18.24.36%2C%2028%20Mar%2C%202023%5D.png)
![](https://production-sanbase-images.s3.amazonaws.com/uploads/4ca153ab06758cffcc3168ca6d8439d7fb071003c24e26ac1c9ec3d117ba8190_1680020657739_Ethereum%20%28ETH%29%20%5B18.24.06%2C%2028%20Mar%2C%202023%5D.png)
All above are red flags suggesting a dump. Divergencies quite massive all over the board, we might need to dive deep to reset it.
Bullish
There is a reaction from holders that are probably scared by recent negative news - stablecoin dolphins and sharks:
![](https://production-sanbase-images.s3.amazonaws.com/uploads/20a0acb48860a5bdf27657dee49d1e895ffda1c999fa2d147061f95112391aac_1680021599207_Tether%20%5Bon%20Ethereum%5D%20%28USDT%29%20%5B18.39.49%2C%2028%20Mar%2C%202023%5D.png)
![](https://production-sanbase-images.s3.amazonaws.com/uploads/03148db7675ae662cc14de3381f180eb0dac5d009e3b5f26c4ca0dbd7d05ae49_1680021607052_Binance%20USD%20%5Bon%20BNB%5D%20%28BUSD%29%20%5B18.39.40%2C%2028%20Mar%2C%202023%5D.png)
And also some increased onchain activity on a number of altcoins forming a positive bullish divergence. For example, UNI:
![](https://production-sanbase-images.s3.amazonaws.com/uploads/799c4b43c47e2a5664525e2f511a28d634568ebbc030bc89785ec8136fda34d0_1680021659656_Uniswap%20%5Bon%20Ethereum%5D%20%28UNI%29%20%5B18.40.51%2C%2028%20Mar%2C%202023%5D.png)
The period of increased volatility is here. What's your bet?
Charts:
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