Ethereum is holding steady with a slight upward move as attention shifts to a recent transfer by the Ethereum Foundation, along with key technical signals. Analysts suggest the market remains in a corrective phase, with critical support levels being closely monitored to determine the asset’s next direction.
At the time of writing, ETH is trading at $4,300.70, with a 24-hour trading volume of $30.88 billion and a market capitalization of $519.12 billion. The asset has gained 0.44% in the past day, signaling cautious momentum.
Market analysts recently noticed an action taken by the ETH Foundation. Notable analyst Ted revealed that 4,000 ETH, equivalent to about $17.13 million, was sent to a new wallet. According to his analysis, this development suggests the foundation may be preparing to sell part of its holdings.
A prominent crypto analyst, More Crypto Online, noted that the price of Ethereum remains stuck in what he thinks is a wave IV correction. He cited several major support areas, including the Fibonacci support zone between $3,374 and $4,061, as well as the structural green support line at approximately $4,050.
In addition, he is monitoring the broader trend line and the two 200-day moving averages that could serve as safe havens should the price decline.
For the time being, the cryptocurrency remains in a narrow range. Market analysts are patiently waiting to see whether the digital asset can stay above support levels or face selling pressure following the recent shift in fundamentals.
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Ethereum’s trading activity slowed as volume slipped 3.98% to $44.59 billion, showing reduced short-term momentum. At the same time, open interest increased 0.68% to $58.92 billion, signaling that investors are still holding onto positions despite reduced market turnover.
For OI weighted at 0.0082%, it shows ongoing but prudent leverage in the market. This indicates investors are not taking very aggressive positions, instead matching exposure while awaiting clearer price direction. The ongoing OI weighted level reflects a controlled market condition with risks kept in check.
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