Ethereum is experiencing a short-term pullback amid growing network activity. Analysts advise exercising caution and monitoring key support and resistance levels. Meanwhile, some market participants are exploring short-term opportunities while waiting for clearer signals.
Ethereum (ETH) is currently trading at $4,312.62 with a 24-hour trading volume of $38.49 billion and a market cap of $518.14 billion. Over the past 24 hours, ETH declined by -3.80%, signaling a slight cooling in market activity.
Recent data by CryptoGoose reveals that the Ethereum validator entry queue has hit its two-year high, as over 860,000 ETH, valued at close to $3.7 billion, is waiting to be staked. This increase shows growing network participation by ETH as well as ongoing interest in securing its chain.
Prominent crypto analyst Daan Crypto Trades stated that nothing needs to change in the near term so long as ETH remains in its current price range. According to Daan, the key levels of interest are the primary support near $4,100 and the 2021 all-time high around $4,800.
Currently, investors appear cautious, waiting to determine whether these key points will be tested or breached before making significant moves. Others are searching for near-term points for limited gains, waiting for an improved market direction.
This week, ETH’s performance reflected both network optimism and price consolidation. While the long-term outlook remains positive, the market naturally experiences short-term corrections.
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Ethereum’s derivatives market experienced a slight correction as its trading volume dropped 3.91% to $91.78 billion, with open interest decreasing 0.77% to $59.05 billion. This indicates subdued aggregate market activity, with fewer new positions being opened despite robust price action in ETH.
Meanwhile, the OI was weighted at 0.0037%, registering a relatively stable position among the active contracts. This indicates that the aggregate volume and open interest eased, but the market weight of leverage is stable, so far hinting at cautious optimism instead of speculative aggressiveness.
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