Although the Ethereum ETF has been approved, the price of Ether has been stagnant for the past two weeks, fluctuating between $3,700 and $3,840. This lack of movement has raised questions about Ethereum’s impact on the market, especially compared to the bullish trend of other cryptocurrencies.
However, technical factors indicate that Ethereum may experience a rebound in the near future. The fear and greed index reflects an increase in demand, suggesting a bullish market sentiment.
Read more:
Why we can expect Ethereum to thrive in the current bull market cycle
Following the rise of Bitcoin, the price of Ethereum has started to increase, currently trading at $3,844, a 1% and 3% increase from the previous day and week, respectively.
Both the simple moving average and the exponential moving average indicate that Ethereum is in the buying zone, signaling increased investor interest. The relative strength index (RSI) is above 50, indicating a balance between buying and selling pressure, which may help stabilize Ethereum’s price at its current level.
Furthermore, the trading volume of ETH options has surpassed that of Bitcoin, according to a report by Singaporean trading firm QCP Capital, indicating further potential for Ethereum’s upward movement.
However, concerns have been raised about the decrease in Ethereum’s trading volume on decentralized exchanges (DEX), which has decreased by $200 million in the past week. This decline has raised doubts about Ethereum’s demand.
Looking ahead, indicators such as the moving average convergence divergence (MACD) and momentum suggest an increase in selling pressure for Ethereum, indicating potential volatility before the price rebounds.