Ethereum is currently facing difficulties, encountering strong resistance, which raises doubts about its ability to continue climbing. Meanwhile, altcoins are attracting increasing trader interest.
Current Status of Ethereum
Ethereum recently ran into strong resistance near $4,900, with fading momentum now casting doubt on a smooth breakout to fresh highs. The current price of ETH hovers below key resistance at $4,400, and the slowing momentum of bulls raises concerns.
Indicators and Their Predictions
The MACD has turned slightly positive, while the RSI remains neutral, indicating that Ethereum may be finding its footing. Nevertheless, the RSI stands at 45.38, suggesting possible bearish conditions. Additionally, trading volume remains low, indicating limited buying strength.
Altcoin Growth and Possible Shift
Altcoins are beginning to gain strength, indicating a possible capital shift away from Ethereum. Analysis shows that previous altcoin cycles in 2018 and 2021 began with similar strong moves from support. Current data suggests that traders may be shifting their focus towards altcoins.
However, the current neutral situation for Ethereum alongside the altcoin growth may signal future changes in investment directions, which all market participants should consider.
