Ethereum needs to break above key SMA levels to maintain bullish momentum, and futures flows are showing mixed volatility.
Ethereum (ETH) rose 1.2% in the past 24 hours, pushing its price to $3,235.25. Notably, during this period, the price fluctuated between $3,160.13 and $3,267.70.
Over the past week, Ethereum has shown an increase of 3.5%, while its 14-day performance shows a modest increase of 5.7%. However, the 30-day performance still fell by 7.0%.
Despite short-term gains, the market is showing signs of exhaustion and bulls are struggling to maintain control. Ethereum may be at risk of returning to its previous range unless stronger momentum intervenes.
With a market capitalization of $390.38 billion and 24-hour trading volume of $24.5 billion, indicating solid activity, Ethereum is at a critical juncture. The next few days will determine whether Ethereum breaks out of the current range or reverses.
Ethereum’s major support and resistance levels
According to the technical chart, Ethereum price is hovering just above its 9-day simple moving average (SMA) of $3,166.96. Ethereum is trying To maintain the recent bullish momentum. The second-largest cryptocurrency is testing the upper end of its range, and its ability to hold above the SMA level could signal further upside.
ETHUSD 1 day chart
The relative strength index (RSI) is currently at 53.88, suggesting that Ethereum is neither overbought nor oversold, with room for potential price movement in either direction.
With the RSI hovering just above the neutral mark of 50, Ethereum appears to be in a consolidation phase awaiting further momentum. If the RSI continues to rise, it could indicate that Ethereum is gearing up for a breakout and could target the next resistance zone.
The MACD (Moving Average Convergence Divergence) indicator also showed a positive value of 53.36, with the MACD line above the signal line, suggesting bullish momentum. The histogram is also positive, indicating a growing desire to purchase.
This, combined with a neutral reading on the RSI and price positioning above the SMA, indicates that Ethereum could move higher if it can break through an immediate resistance level like $3,600. However, if the price falls below the 9-day SMA, it could indicate a pullback to lower support levels.
Ethereum futures trading leak
vice versa, futures flow data In the case of Ethereum, we see mixed trends across different time frames, indicating increased market volatility. Over the past 30 minutes, Ethereum experienced small net outflows of $7.69 million, with inflows of $104.82 million and outflows of $112.51 million, resulting in a negative change of 143.39%.
However, the one-hour data shows a more positive outlook, with net inflows up 107.52% to $10.03 million, indicating new buying interest.
ethereum futures
Looking at longer time frames, the 4-hour, 8-hour, and 12-hour data indicate a more bearish sentiment. In the 4-hour period, Ethereum recorded a net outflow of $172.98 million (-490.57%), and the 8-hour period saw a similar decline with net outflows of $194.23 million (-474.25%).
There was a slight improvement in the 12-hour period, with net inflows of $5.18 million. The 24-hour data revealed a net outflow of $709.4 million, while the three-day data showed an even higher outflow of $1.55 billion.
