Recently, Ethereum has demonstrated noticeable growth, but its price is now stalling near the critical resistance level at $4,400. Let's examine the current market condition and technical indicators.
Current Market Status of Ethereum
Currently, Ethereum's price stands at $4,178.46, reflecting a 0.22% decline compared to previous days. The market capitalization has reached $504.37 billion, with trading volumes over the last 24 hours at $38.34 billion, a 10.27% decrease from the previous period. Recently, Ethereum opened at $4,199 and showed growth, surpassing the $4,300 mark before facing selling pressure, leading to a price drop.
Technical Indicators Show Bullish Trend
On the daily chart, the Relative Strength Index (RSI) is recorded at 68.95, approaching the overbought zone at 70. Data from the MACD indicates that the main line is at 230.64, signaling a bullish direction. There is a positive spread of 29.04, indicating that upward pressure continues.
Outlook and Support for Ethereum
A short-term support zone is identified above the $4,000 level, which could open opportunities for short-term buying. A deeper support range between $3,100 and $3,400 aligns with previously noted liquidity levels. If the RSI continues to rise and crosses 70, Ethereum may move toward new highs around $4,350.
Today, Ethereum faces significant resistance levels; however, technical indicators indicate a sustained bullish sentiment. Support levels could prove critical for traders' actions in the near future.
