Ethereum's price has dropped over 2% in the past 24 hours. The current price stands at $2,742.59, driven by reduced investor interest. On the weekly chart, ETH also shows a negative trend, losing over 11%.
Key Ethereum Support
Ethereum's price is hovering above the key support at $2,683.55. Falling below this technical level might lead to a downturn to $2,411.54 in the short term. However, if buyers identify the current price as an opportunity for growth, it could halt the bearish movement and attempt a challenge at the $2,929.23 resistance. If successful, ETH could climb to $3,218.78 if the bullish pressure continues.
Technical Indicators Suggest Potential Upside
Technical analysis of the 4-hour ETH/USDT chart shows buyers have the upper hand. The MACD line crossed above its Signal line within the last 24 hours, signaling the start of a positive trend. Furthermore, the gap between these lines is widening, possibly indicating increased bullish momentum. The RSI has risen from oversold territory below 30 to just below 40, indicating increased buyer strength. Additionally, the RSI crossed above its simple moving average in the last 48 hours, serving as a potential confirmation of a bullish trend shift.
Digital Assets and Investor Community
While Ethereum's price remains above support, investor attention is drawn to a new PEPE derivative called Wall Street Pepe. ClayBro, a popular analyst, expresses a positive outlook on this new asset. Meanwhile, the trading community known as the WEPE Army is collaborating to counter 'whale' investments. This collaboration allows community members to share unique market insights and trade signals, enabling everyone to trade like a professional.
The current market situation for Ethereum could develop in either direction: toward a decline or an increase. Buyers and sellers will closely watch the price's movement relative to key support and resistance levels in the near term.
