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- Ethereum trades at $3,890 with a 2.63% rise and 46.65% jump in volume, approaching the $4K resistance.
- RSI at 58.57 suggests bullish strength remains intact, with room to rise before overbought levels.
- MACD shows weak bearish crossover; breakout above $4K needs solid volume for confirmation.
As of press time, Ethereum (ETH) is trading at $3,890, up by 2.63% over the past day. The volume of trading has grown by 46.65%, which is currently at $34.69 billion. Over the past week, the ETH price has gone up by 3.07%. This indicates a progressive bullish trend. Resistance is closely monitored by market participants around the mark of $4,000.
Source: CoinMarketCap
Key Resistance Levels
More Crypto Online mentioned two possible bullish scenarios. One is a diagonal pattern that is trending upward. The other shows a wider wave IV formation. Both situations incline towards higher profits. Near-term resistances are observe at levels of $3,951 and $4,020. The resistance lies in the range of $3,650 to $3,798.
Source: X
ZAYK Charts highlighted that ETH is retesting the $4,000 area once again. This level has been a stiff resistance for months. A break above it would trigger the zone to turn into new support. This action would probably signal additional power to the trend.
Source: X
Also Read: Ethereum Next Big Move: Will $4,100 Be Reached or Will Resistance Hold?
RSI Shows Strength
The Relative Strength Index (RSI) is at 58.57. This value is smaller than the overbought mark of 70. It indicates sustained power without weakness. An increase of up to 70 could be seen as a short-term overheating. At the current moment, RSI is within healthy levels.
The MACD (Moving Average Convergence Divergence) indicates a conflicting indication. The MACD line stands at 27.77 which is a bit below the signal line at 29.55. The histogram is -1.77 which indicates a mild bearish crossover. The signal is, however, weak. A bullish turnaround may reinforce further moves upwards.
Source: TradingView
Ethereum Market Activity Rises
CoinGlass data shows that the total volume increased by 64.76% to $96.02 billion. Open Interest increased by 8.81% to reach a value of $60.49 billion. Such growths show rising interest on the part of retail and institutional players.
The OI-weighted funding rate stands at 0.0102%. This neutral level indicates that traders are not heavily leveraged in either direction. It is an indication that there is a balance in market expectations. This stability may be upset by sudden spikes in the funding rate.
Source: CoinGlass
Ethereum is currently selling at a critical price point. The most significant zone in the short term is the price of $4,000. A breakout above on a clean rebound would initiate a greater rebound. The inability to break can result in a lateral move or small correction. All signs are now favoring guarded optimism.
With ETH taking up shape, traders shall observe volume confirmation about resistance. A well-traded breakout can be the catalyst to additional gains. Ethereum is currently in a bullish moment with visible technical support.
Also Read: $1.15B Ethereum Exodus Sparks Major Shift Toward Institutional Control
