Ethereum (ETH) is showing early signs of a possible trend reversal as technical indicators point towards the beginning of bullish momentum after recent price declines.
Technical Indicators Indicate Bullish Momentum
Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) highlight early signals of bullish momentum. The RSI has risen to 52.12 signaling a possible shift from selling to buying pressure.
Price Patterns Signal Potential Breakout
Ethereum remains within a growing wedge formation on the ETHUSD chart. Price action compressed within this structure could lead to a breakout, targeting the $3,800–$4,000 range.
Declining Trading Volume Poses a Challenge
Despite these indications, the overall trading volume of Ethereum has fallen by 20.78% in the past 24 hours, signaling a decline in investor participation and potentially hindering any short-term price breakout.
At this moment, Ethereum exhibits potential growth signs; however, it is important to monitor the developing situation as declining trading volume may impede further price advancements.
