Ethereum has remained in the $2,600–$2,700 range, showing moderate growth since early October but facing challenges breaking above the $3,000 mark.
Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. Once price breaks above resistance, it can advance higher to the next resistance level.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
ETH Price Analysis
- Current Price: $2,691
- Market Cap: Approximately $324.36 billion
- 24-Hour Trading Volume: Roughly $5 billion
- Circulating Supply: About 120 million ETH
- Total Supply: Not capped, with a fixed yearly issuance for staking rewards
Trends are mixed, however, there are improvements as it had a bullish breakout from Channel Down pattern.
We would be buyers near $2,400 support, which could be a swing trade entry with +20% upside potential to $2,850. Stop Loss at $2,270. The recent launch of ETH Spot ETFs could boost demand for ETH.
Weekly Price Performance
ETH has seen a modest weekly rise but remains in a tight range, with limited institutional demand and investor uncertainty creating resistance around $2,700.
Trend: Short-term trend is Neutral, Medium-term trend is Neutral, Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $2,100.00. Nearest Resistance Zone is $2,850.00.
Technical Indicators
- Moving Averages: ETH’s moving averages suggest a neutral to bearish trend in the short term.
- Relative Strength Index (RSI): Currently in the neutral zone.
- Moving Average Convergence Divergence (MACD): Slightly positive but lacking the momentum necessary to push the price into a bullish trajectory above $3,000.
News Roundup
- Institutional Inflows: Low inflows into ETH-based exchange-traded funds (ETFs) have hampered significant upward movement.
- Market Sentiment: Investors remain cautious amid profit-taking at ETH’s current levels, evidenced by Ethereum’s 30-day MVRV ratio (around 6.5%).
- Technical Innovations: Projects in AI, DeFi, and Ethereum Layer 2 solutions continue to draw developer interest.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
