Ethereum has remained in the $2,600–$2,700 range, showing moderate growth since early October but facing challenges breaking above the $3,000 mark.
Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken. Once price breaks above resistance, it can advance higher to the next resistance level.
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ETH Price Analysis
Current Price: $2,691
Market Cap: Approximately $324.36 billion
24-Hour Trading Volume: Roughly $5 billion
Circulating Supply: About 120 million ETH
Total Supply: Not capped, with a fixed yearly issuance for staking rewards
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Trends are mixed, however, there are improvements as it had a bullish breakout from Channel Down pattern.
We would be buyers near $2,400 support, which could be a swing trade entry with +20% upside potential to $2,850. Stop Loss at $2,270. The recent launch of ETH Spot ETFs could boost demand for ETH.
Weekly Price Performance
ETH has seen a modest weekly rise but remains in a tight range, with limited institutional demand and investor uncertainty creating resistance around $2,700.
Trend: Short-term trend is Neutral, Medium-term trend is Neutral, Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $2,100.00. Nearest Resistance Zone is $2,850.00.
Technical Indicators
Moving Averages: ETH’s moving averages suggest a neutral to bearish trend in the short term.
Relative Strength Index (RSI): Currently in the neutral zone.
Moving Average Convergence Divergence (MACD): Slightly positive but lacking the momentum necessary to push the price into a bullish trajectory above $3,000.
News Roundup
Institutional Inflows: Low inflows into ETH-based exchange-traded funds (ETFs) have hampered significant upward movement.
Market Sentiment: Investors remain cautious amid profit-taking at ETH’s current levels, evidenced by Ethereum’s 30-day MVRV ratio (around 6.5%).
Technical Innovations: Projects in AI, DeFi, and Ethereum Layer 2 solutions continue to draw developer interest.
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