The market showed signs of a comeback after the Ethereum ETFs were approved by the SEC. Over the past weekend, the crypto market experienced a robust positive turnaround, causing top tokens to show notable uptrends in their portfolios. This surge hints at a potentially optimistic outlook for these tokens in the coming week.
In contrast, Ethereum has struggled to regain its footing since its launch of the Ethereum ETF. Its price has remained stagnant and is persistently battling to settle above the $3.3K mark. With the market’s bullish momentum, the next steps for Ethereum are uncertain.
Ethereum Price Action
Despite witnessing a market correction of 3.65% over the past week, ETH has regained momentum, recovering by over 3.16% on the 24-hour chart. As a result, the ETH token is now valued at $3,376. This uptick has further impacted ETH’s market cap, pushing it up by 3.20% to the $403 billion market.
Meanwhile, its trading volume paints a different picture, dropping by 13.83% to $12.68 billion. This indicates a potential decrease in Ethereum’s trading activity in the short term, as investors may be holding off on making significant moves until there is more clarity on the market direction.
Can ETH Price Hit $3.5K?
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On the daily chart, ETH price is in a bearish trend channel and has maintained the downtrend since mid-May, an indication of the bearish pressure in the long term. Presently experiencing resistance along the 50% Fibonacci level at $3.34K, Ethereum’s price may struggle to break above this key level in the near future. This could pull ETH’s price toward its previous low, around the $3.2K level.
However, should the current bullish sentiment persist in the short term, market analysts anticipate the assets might close above the $3.34K threshold before the end of the day. Should this scenario come into play, ETH could witness its price surge towards its next barrier at $3.5K, last seen on Monday last week.
ETH Market Sentiments
The RSI indicator displays a potential consolidation on the daily chart, indicating that Ethereum’s price may stabilize around the current levels before making a significant move. Positioned at 49.47, the RSI indicates ample space for the price of Ethereum to either continue its upward trend or experience a slight pullback in the short term.
This suggests that market participants closely monitor the $3.34K level as a key resistance point for ETH’s price action. The MACD line further supports this sentiment as the blue line advances close to the zero line at -6, indicating a potential indecision in the market. Moreover, the MACD’s histogram paints a similar picture as its bars flatten along the zero line, suggesting a lack of clear direction in the short term.
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