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What Technical Indicators Show About the Price of Ethereum

June 6, 2024 12:00 2 min. read
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What Technical Indicators Show About the Price of Ethereum

Despite the approval of the Ethereum ETF, the ETH price has remained stagnant over the past two weeks, hovering between $3,700 and $3,840.

This lack of movement raises questions about Ethereum’s impact on the market, especially when compared to the bullish trends seen in other cryptocurrencies.

However, technical factors suggest a potential rally for Ethereum in the near future. Market sentiment appears bullish, as indicated by fear and greed indices reflecting rising demand.

Following Bitcoin’s appreciation, the price of Ethereum has started to improve and is currently trading at $3,844, with a 1% weekly and 3% monthly increase from the previous day and week, respectively.

Both the simple and exponential moving averages indicate that Ethereum is in the buy zone, signaling increased interest among investors. The Relative Strength Index (RSI) is above 50, suggesting a balance between buying and selling pressure, which may help stabilize the price of Ethereum at current levels.

Additionally, options volume for ETH has surpassed that of Bitcoin, according to reports from QCP Capital, a Singapore-based trading firm, indicating further bullish potential for Ethereum.

However, there are concerns about the declining volume of Ethereum on decentralized exchanges (DEX), which has dropped by $2 billion in the past week. This decline raises doubts about demand for Ethereum.

Looking ahead, indicators such as the moving average convergence divergence (MACD) and momentum one point to increased selling pressure on Ethereum, suggesting potential fluctuations before a price recovery.

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
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