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- Ethereum trades at $3,556, up 21.5% weekly, but a 44.83% drop in volume signals slowing momentum.
- RSI at 49.62 shows the market is balanced, MACD signals bearish shift with downside risk ahead.
- $3,300 acts as key support; breakout above $4,000 needed to confirm next bullish Ethereum move.
At the time of writing, Ethereum (ETH) is trading at $3,556, representing a 0.31% increase over the past day. The volume of trading has declined by 44.83% to $33.28 billion. Although the cryptocurrency is down, it has gained 21.5% in the last week. This growth in price indicates robust market demand, as well as slowing momentum.
Analyst Michael van de Poppe highlighted that Ethereum has increased by $1,100 within approximately a week. He cautioned that an amendment is probable and may be severe. In case of selling, altcoins can go down by 10-20% in a few hours. Nevertheless, he considers the dips as opportunities. He indicated that lower levels of under $3300 are good long-term additions.
Also Read: Ethereum Staking Strategy: Bit Digital Adds Nearly 20K ETH to Treasury
MACD Shows Bearish Signal
Relative Strength Index (RSI) is presently 49.62. This value reflects a neutral range. Ethereum does not have an oversold condition. Traders seem to be awaiting a clear, decisive move. RSI indicates that the market is balanced, but has possible potential to either direction.
MACD (Moving Average Convergence Divergence) indicates that weakness is shown prematurely. A MACD line of -0.27 falls below the signal line of 4.10. The histogram is negative at -4.37. This trend indicates a bearish crossing.
Source: TradingView
Daan Crypto Trades revealed that Ethereum is stronger compared to Bitcoin. The ETH/BTC ratio has remained sustainable. He noticed that it was shifting into a bullish structure. Nonetheless, he stated that he is still waiting for a large volume breakout. He is hoping that that will happen once Ether cuts through its cycle top above the price of $4,000.
Ethereum Near Critical Zones
The support is being watched around $3,300. If the price remains above this mark, bulls can take control. A fall below it may result in a further correction. Support has been identified at around $3,700, with more force likely to be felt at $4,000. The following trend is dependent on these levels.
The recent upswing of Ethereum has potential. Yet there are signs that the present movement is weakening. The rate is lower, and the impetus is weakening. Traders are advised to keep their eyes peeled for emerging trends. The next phase will be influenced by price and volume signals.
Currently, Ethereum remains in a wait-and-see mode. Technical indicators have a bearish-to-neutral disposition. A breakout or a breakdown will decide the direction. Otherwise, the market is conservative.
Also Read: SharpLink Gaming Expands Stock Offering to $6B to Buy Ethereum for Treasury
