Ethereum remains stable at $3,100, struggling to surpass this key resistance level. The market saw $23.93 million worth of Ethereum liquidated amid the ongoing price consolidation.
The recent crypto rally, fueled by Bitcoin reaching a new all-time high, created a wave of optimism. Traders initially shifted their focus to Ethereum, which briefly outperformed other altcoins. However, Ethereum has faced criticism for failing to sustain its momentum and break higher resistance levels.
Analysts believe Ethereum could surge if it consistently breaches the critical $3,300 mark. In the short term, surpassing $3,100 is essential, as the asset shows signs of a potential bearish reversal.
Currently, Ethereum has gained 0.44% in the last 24 hours, trading at $3,118 with a market cap of $375 billion. During this period, ETH fluctuated between a low of $3,044 and a high of $3,160. Its daily trading volume stands at $25.14 billion, reflecting a 14% decrease.
Over the past week, Ethereum experienced a 0.30% decline, starting at $3,147 before trending lower mid-week to $3,024. Despite intermittent bullish patterns, ETH has struggled to regain upward momentum.
What Lies Ahead for Ethereum?
The four-hour chart indicates persistent downward pressure, with ETH hovering near the $3,000 mark. While a breakout above $3,236 could trigger an upside correction and reignite bullish momentum, failure to maintain current levels may drive ETH toward $2,800 or lower.
Technical indicators suggest a bearish outlook. The Moving Average Convergence Divergence (MACD) line remains below the signal line, signaling continued downward momentum. Meanwhile, the Chaikin Money Flow (CMF) index, at 0.03, hints at a slight positive money flow.
ETH Chart (Source: TradingView)
The relative strength index (RSI) is neutral at 51.06, while the daily chart shows the 50-day moving average positioned above the 200-day moving average, indicating a mixed outlook for Ethereum in the near term.
