TLDR:
- Despite positive market shifts and regulatory news, Ethereum remains bound between $3,200 and $3,500, stuck in the same range for months.
- A rise in the Estimated Leverage Ratio implies Ethereum traders are embracing higher risks as the price remains flat.
- Recent price analysis places Ethereum's low at $3,201 with noticeable resistance forming around $3,280.
- Ethereum finds support near $3,200 and $3,150, while facing major resistance at $3,300 and $3,350.
- Ethereum's trading activity has climbed from $20 billion to $24 billion in the past week, even as prices hover.
Although Ethereum is the world's second-leading cryptocurrency, its current trading range of $3,200 to $3,500 shows little reaction to regulatory changes, and it is trading at $3,282, down 32% from its peak price.
CryptoQuant data unveils a curious trend in Ethereum's futures market, as the rising Estimated Leverage Ratio points to eager risk-taking despite a range-bound price. Ethereum's trading volume has seen a substantial uptick, rising from below $20 billion last Wednesday to above $24 billion presently, underscoring market interest despite price stability.
ETH Price
Technical readings on Ethereum suggest a recent trough at $3,201, with current positioning under the $3,300 mark and the 100-hourly Simple Moving Average indicating bearish trends.
Ethereum bore a notable technical shift, breaching a contracting triangle pattern around the $3,270 mark—a sign of potential bearish control.
Ethereum's current price entangles with resistance near $3,280, aligning with the 50% Fibonacci level between a decline from $3,363 to $3,201. The $3,300 level remains a challenge for buyers.
Analysts are vigilantly observing pivotal price points that could dictate Ethereum's next significant thrust, such as the $3,200 support or the more pronounced $3,150 zone, with other sub-levels at $3,120 and $3,050 if market pressure escalates.
Pressing upwards, the $3,350 resistance could unlock advances toward $3,450, with even tougher barriers at $3,550 and $3,580.
Skyrocketing leverage in Ethereum's futures arena seeds a volatile landscape, where traders using high leverage could initiate sharp price fluctuations.
Experts highlight the potential for an 'impulsive price move' in Ethereum should it breach its current trading bounds, with sentiment pointing slightly bullish.
CryptoQuant analyst ShayanBTC Ethereum's stagnant price unfolds amid broader market events like the arrival of a crypto-friendly leadership and regulatory clarity; however, these positives haven't bolstered Ethereum's market value sustainably.
Ethereum's hourly metrics are mixed: a growing bearish MACD versus a subdued RSI below the 50 mark, hinting at short-lived downward pressure.
Some analysts like Javon Marks draw comparisons between Ethereum's present trends and past bullish phases, suggesting future gains may loom.
Despite price stagnation, trading volumes remain robust, climbing from $20 billion to $24 billion, bolstering market engagement.
Blockonomi is driven by Kooc Media's founder, a UK digital media company, and is guided by a commitment to open-source innovations, blockchain potential, and a fair digital landscape.
