Ethereum (ETH), the second-largest cryptocurrency, is now stagnant due to various reasons. Traders are expecting a breakout or breakdown. At the time of writing, the coin is trading at $4,470.56 (1.42%), with a market capitalization of $539.67 billion. The altcoin has a volume of $24.95 billion.
Also read: Ethereum on the Edge: Will $4,630 Spark the Next Explosive Rally?
According to the data provided by Trading View, ETH is experiencing resistance (blue) at $ 4,511.50 and can potentially rise to $ 4,600 if it rises further up. The support line of the coin is at $4,346.18 and can dip to $4,300 if it goes beyond the level.
The moving average indicator shows a bearish trend for the coin since the MA line is above the candlesticks. The Moving Average Convergence Divergence indicator also shows that the coin is experiencing a bearish momentum since the signal line (orange) is above the MACD line (blue). This indicates that the coin can have a potential breakout or even breakdown.
Also Read: Ethereum Price Outlook: Can ETH Break $4,800 and Rally Toward $5,800?
According to data given by CoinMarketCap, 82% of traders believe in bullish momentum for the coin. The rest 18% think that the coin might come down with a bearish trend. This can be due to various macroeconomic factors or technical indicators.
The larger cryptocurrency market is still highly volatile, towards macroeconomic events like the Federal Reserve’s interest rate and the power of the U.S. dollar. Traders are also keeping a close eye on the token assets due to the ETH spot ETFs, after the approval from the side of SEC.
As the week comes to an end, neither bulls nor bears can control the coin fully. Traders are keen on keeping track of technical signals and other major events regarding the cryptocurrency.
Also Read: Can Ethereum (ETH) Reach a New All-Time High Before 2026?
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