Skip to content
- Ethereum trades at $3,484 with weak volume and a weekly loss of 7.32 percent, showing bearish pressure.
- Holding above the $3,091 support is key to preserving the bullish trend that began on June 22.
- A breakout above $3,733 could confirm wave iv bottom while RSI and MACD indicators continue to show caution.
Ethereum is currently trading at $3,484, representing a 3.98% rise in the last 24 hours. Nonetheless, it continues to fall by 7.32% in a week. The daily trading volume has declined to $38.33 billion, indicating a decline of 7.46%. Although the rebound was experienced, the weak volume reveals little activity in the market.
Source: CoinMarketCap
Ethereum Tests Critical Fibonacci Support Zone
Crypto analyst More Crypto Online highlighted that Ethereum is testing a significant Fibonacci support area between $3,476 and $3,091. This area is crucial in order to continue the bullish momentum triggered on June 22. Maintaining at the same level could be a sign that the bullish structure is ongoing. But a fall through it would undermine that trend.
The analyst also stated that a rally beyond the $3,733 level would indicate a bottom in wave iv. There is also the possibility of an upside 4-5 wave up until this breakout event. The formation of this wave would indicate a possible additional dip before the turnaround. The short-term trend of Ethereum will be influenced by the price movement in the next few days.
Source: X
Also Read: Solana ETF Hype Grows as Major Firms Tweak SEC Filings Amid Crypto Shift
Momentum Weakens in Ethereum
The Relative Strength Index is 36.25. This level indicates the asset is close to being oversold. A bearish control is usually confirmed by an RSI that is under 40. When it drops below 30, buyers may resume their accumulation. In the current series of RSI, one must take care with longs.
The MACD indicates a poor momentum. MACD line is -41.09 and the signal line is -45.16. This further affirms the trend to be bearish. Nevertheless, the distance between the lines is decreasing. With a change in momentum, an upcoming crossover is likely. It would be a precursor of bullishness.
Source: TradingView
Open Interest Falls as Market Stalls
According to CoinGlass data, the volume of trading has decreased by 0.63% to $128.44 billion. The open interest decreased by 8.23% to $49.25 billion. This implies a lower market speculation. The traders are probably waiting for more powerful signs.
The ETH OI-Weighted Funding Rate stands at 0.0027%. This neutral rate has neither long nor short bias. The majority of traders are on the sidelines. When a break occurs above resistance or below support, then this will probably cause new activity. In the meantime, the market is in stall.
Source: CoinGlass
The immediate direction of Ethereum will be determined by whether it closes above or below the support level. An increase beyond the $3,733 might instil confidence. A decline below $3,091 may usher in additional selling.
Also Read: Strategy Sets New Bitcoin KPI Records with $13.2B YTD Gain in 2025
