The Ethereum (ETH) price has been on a rollercoaster in the last week, swaying between a weekly high and low of $3,757 and $3,965, respectively. However, in the previous three days, the price has fought hard to maintain above $3,800, with bearish momentum having the upper hand. 

On the other hand, in the last 24 hours, the bears have had the advantage despite bullish momentum, attempting to breach the resistance at $3,843.86. Bearish attempts to nullify the bull rally were successful, dipping the price to support at $3,723.84. 

However, a bullish momentum is anticipated due to the expectations of spot Ethereum ETFs, with the SEC asking firms for their amended S-1 forms. As of press time, Ethereum (ETH) price was trading at $3,791, a 0.58% decline from the intra-day high.

During the bearish trend, ETH’s market capitalization and 24-hour trading volume declined by 0.51% and 1.32% to $455,204,082,204 and $13,605,649,841. If the bearish momentum breaches the $3,723 support, the next support levels to watch are $3,600 and $3,500. However, if the bullish momentum prevails and breaks through the resistance at $3,843.86, the next resistance levels to watch are $3,900 and $4,000. 

Supporting this bullish outlook, analysis of options distribution by QCP Capital data foreshadows a bullish outlook for Ethereum in the next month, with traders positioning to profit from ether's price possibly rising within a range from $4,000 to $5,000. 

ETH/USD Technical Analysis

On the ETHUSD 24-hour price chart, the market is in correction, with indicators pointing to a waning bull trend. With the Rate of Change (ROC) moving southwards after recently touching 20 with a reading of 0.30, the bearish momentum is strengthening. A dip into the negative region will imply a retest of the intra-day low if bulls do not swoop in. 

In addition, the stochastic RSI has shited below its signal line after being in the overbought region, reflecting a cautious stance among investors as they take profit. With a rating of 62.67, the stochastic RSI, however, shows there is a potential for a bullish rally since it is not below the 50 regions. If the trend continues and the stochastic falls below 30 into the oversold region, a bearish momentum could be confirmed. 

The Moving Average Convergence Divergence (MACD) is also showing a bearish shift, with the blue line about to fall below its signal line, with the former and latter touching 180.5 and 166 respectively. The decreasing bars of the histogram also show a weakening buying pressure adding to the bearish sentiment in the ETH market.