The analysis of Ethereum's current state reveals conflicting signals, where decreasing volume amid price resilience creates market uncertainty.
Ethereum's Volume and Price Structure
According to data from IncomeSharks, the On-Balance Volume (OBV) indicator on the daily chart shows a concerning trend. OBV recently dropped to 10.02 million, testing a crucial support level around 10 million dollars. This level has previously acted as resistance in April, which amplifies the significance of the current test. Though long-term sentiment remains bullish, analysts caution about potential risks if this support fails.
Price Behavior of Ethereum
According to CryptoCaesarTA, the Ethereum/USDT pair is trading at $2,403.71 today after a 3.77% decline. This drop followed a brief attempt to rally, with intraday highs reaching $2,513.50. Notably, ETH is 42% below its peak value in December around $4,150, but still 50% above the March low around $1,600.
Support and Accumulation Zones
Despite short-term selling, Ethereum's broader structure appears constructive. A potential upside target of $2,750 aligns with visible resistance zones. The support at $2,250 remains critically important for maintaining bullish momentum. Additionally, several horizontal support levels sit just below the current price, providing potential downside protection.
Thus, while volume trends suggest caution, price patterns still reflect strength. Investors remain optimistic as long as key OBV and price supports hold.
