Although the Ethereum ETF has been approved, the price of Ether has been stagnant in the range of $3,700 to $3,840 over the past two weeks. This lack of movement has raised questions about Ethereum’s impact on the market, especially compared to the rising trends of other cryptocurrencies.
However, technical factors suggest that Ethereum may see a rebound in the near future. With the Fear and Greed Index reflecting an increase in demand, market sentiment appears bullish.
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Why we can expect Ethereum to thrive in the current bull market cycle
Following Bitcoin’s rise, the price of Ethereum has started to increase, currently trading at $3,844, up 1% and 3% from the previous day and week, respectively. Both the simple moving average and exponential moving average indicate that Ethereum is in the buying zone, signaling increased investor interest. The Relative Strength Index (RSI) is above 50, showing a balance between buying and selling pressure, which may help stabilize Ethereum’s price at the current level.
Furthermore, the trading volume of ETH options has surpassed Bitcoin’s, according to a report from Singapore trading firm QCP Capital, indicating further upside potential for Ethereum.
However, concerns have been raised about the declining trading volume of Ethereum on decentralized exchanges (DEX), which has dropped by $200 million in the past week. This decline has led to doubts about the demand for Ethereum.
Looking ahead, indicators such as Moving Average Convergence Divergence (MACD) and momentum suggest an increase in selling pressure for Ethereum, indicating potential volatility before a price recovery.