Ethereum (ETH) is currently trading at $4,220 with a 24-hour rise of 8.29%. The trading volume for the same day has increased by 17.41% to $49.95 billion. Such figures indicate a favorable change in the market performance.
Source: CoinMarketCap
Ethereum’s value has increased by 21.35% over the past week. This growth indicates a robust positive trend in the performance of the cryptocurrency. This increase in price suggests that there is a growing interest among investors in ETH.
Crypto analyst Rose Premium Signals highlighted that Ethereum is struggling to overcome resistance at the level of $4,500. If Ethereum overcomes this resistance, the price might grow toward $5,000 and $5,500. This breakout would indicate a persistence of the bullish market.
Source: X
However, failure to overcome the resistance could lead to a decline in Ethereum’s price. In this situation, the price may correct and potentially drop to the range of $3,200 to $3,400. Subsequently, Ethereum can start moving upwards as soon as the correction is over.
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The Relative Strength Index (RSI) of Ethereum has a current value of 72.62, showing that the asset is overbought. When RSI rises higher than 70, it is possible that an asset will be experiencing a pullback. This may imply a temporary correction or consolidation of Ethereum in the price.
Source: TradingView
The MACD data shows mixed signals. The MACD line is currently at 12.8, suggesting that there is positive short-term momentum. However, the histogram is 186.3 and the signal line is 199.1, suggesting potential volatility. Despite the upward momentum, the indicators suggest that the price fluctuations remain a source of concern.
CoinGlass data shows that Ethereum open interest has increased by 11.72%, to $58.66 billion. This rise in the open interest is a sign of an increase in market interaction with ETH. However, the volume has increased by 26.43% to reach $140.48 billion. These values indicate an exaggerated market activity and anticipation of great price actions.
Source: CoinGlass
ETH is in a critical phase. Whether ETH can keep its bull run or not depends on the resistance levels hanging around $4,500. A rejection would mean a short-term reversal, but a breakout would indicate the higher potential prices. To determine the direction of the ETH price in the future, traders should pay close attention to the RSI and MACD.
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