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Ethereum price analysis shows a bearish outlook as the cryptocurrency struggles against significant market pressures. Today, Ethereum is trading at $2,258.97, marking a substantial decline of 4.98% over the past 24 hours. This drop comes amid a larger downturn within the crypto market, exacerbated by disappointing U.S. jobs data and rising recession fears. Notably, the trading volume for Ethereum has surged to $25.986 billion within the same period, indicating a high level of trader activity despite the downward trend.
The current market cap of Ethereum stands at approximately $269.31 billion, a slight decrease reflecting the overall bearish sentiment in the market. Additionally, recent data from Soso Value highlights nearly $5.98 million in outflows from spot Ethereum ETFs, suggesting a growing lack of confidence among institutional investors. This shift comes as major investment firm VanEck announces the winding down of its Ethereum futures ETF, signaling a cautious approach towards the Ethereum market among seasoned investors.
Ethereum's price trajectory suggests an ongoing correction phase. The Relative Strength Index (RSI) stands at 34.40, which is near the oversold territory, indicating that ETH might be undervalued in the current market conditions. Furthermore, the Stochastic RSI is also signaling a potential reversal, with values hovering around 7.01 for %K and 12.53 for %D, suggesting that a short-term price increase could be imminent if market sentiment shifts.
Moreover, the Moving Average Convergence Divergence (MACD) is positioned below the signal line, reinforcing the bearish trend observed in Ethereum's recent price movements. This technical alignment suggests that the market is still in a downturn, which could be crucial for potential traders looking for entry points or existing investors planning their next moves. Ethereum's struggle to maintain a foothold above the $2,300 mark is evident, with the price oscillating between $2,150.86 and $2,405.98 over the last day.
ETH has strong support at $2,105.8 where price has held so far. This is a key area where buyers have come in to support the price in the past. This is a demand zone. On the flip side, ETH has immediate resistance at $2,373.0 which has been capping the recent up moves. If we break above this resistance, we could see a stronger recovery for ETH and potentially aim for $2,400.
Recent analysis shows that ETH is in a phase that historically precedes big price moves. Titan of Crypto tweeted on X (formerly Twitter) that ETH is oversold on 3 day chart and we could see a big move up.
Historically when RSI approaches these levels, ETH has seen a short term pump or a long term rally. Titan of Crypto is projecting if it’s a rally, ETH could go up to $6,000. If it’s a short term pump, we could see at least $3,000. This is supported by ETH’s strong fundamentals and growing institutional interest which could fuel the move.
If ETH can hold above $2,105.8, it could test and break $2,373.0. If it closes above this resistance, ETH could target the next resistance at $2,400. If we break below $2,105.8, we could see more down and ETH could test $2,100 and the market will need to re-evaluate the demand.
