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- Ethereum trades at $3,831, down 0.89% in 24 hours, but trading volume increased by 10.68%.
- Analyst Michael van de Poppe targets $4,100 for ETH, with brief consolidation before further gains.
- Overbought near $4,000 resistance, slowing momentum indicates a possible pullback to $3,000 support.
Ethereum (ETH) is currently trading at $3,831, and it has lost 0.89% of its value over the last 24 hours. Despite this decline, the trading volume of the coin increased by 10.68%, to $33.51 billion. Ethereum has performed well, increasing by 3.8% over the last week through the market turbulence.
Source: CoinMarketCap
Ethereum Faces Resistance Near $4,000
Michael van de Poppe, a crypto analyst, highlighted a steeper correction of Ethereum but the price did not mimic the pattern. As the correction is not coming in, van de Poppe expects Ethereum to keep gaining. The target cost is $4,100 and he anticipates a consolidation at this price level of short duration, then further uplift.
Source: X
However, another analyst, CoinCodeCap Trading, mentioned that Ethereum is overbought as it is challenged at the existing resistance just under $4,000. Recently, Ethereum has managed to break the 200-day simple moving average (SMA), which was an important resistance point. The resistance lies next at the immediate level of $4,000, whereas the support levels remain at $3,000 and the $2,760 level.
Also Read: Ethereum Momentum Builds Fast: Can Bulls Push Through $4K Barrier?
The growth indicators are beginning to slow down as ETH heads towards a major resistance. The relative strength index (RSI) is overbought at 70. The MACD histogram is falling, which indicates that bullish momentum is decaying. Analysts suggest waiting to get confirmation of a break above the $4,000 mark or a drop back down to the support of the $3,000 to re-enter with more safety.
Source: X
Ethereum Trading Volume Surge
According to CoinGlass data, the amount of Ethereum traded has increased by 23.80%, up to $112.24 billion. The open interest has, however, decreased by 7.01% to be at $55.79 billion. The OI-Weighted Funding Rate is 0.0091%, there is a mild cooling of sentiment.
Source: CoinGlass
With Ethereum lingering on its important resistance at the $4,000 price mark, traders are paying close attention to the market. An upsurge may exceed this resistance and result in further gains, which may drive Ethereum up. Nevertheless, as long as Ethereum does not surpass the $4,000 mark, it can experience a downtrend to support at about $3,000.
It is not clear what Ethereum will do next, and traders are keen to find out how the coin will perform in a rally or fall. These next few days will be vital in deciding the future path of the price of ETH.
Also Read: SharpLink Buys $295M in Ethereum, Now Holds $1.7B Worth of ETH Treasury,
