Ethereum (ETH) is at $1,772.87 with a modest 0.95% price increase over the last 24 hours. Although the price has moved higher, its 24-hour trade volume fell by 6.78% to $15.47 billion. For the last seven days, the price of ETH rose by 11.41%, indicating bullish momentum.
Yet, analysts take caution as Ethereum also seems to be consolidating along major price levels, and the $1,750 support level remained intact. Nevertheless, signs of potential exhaustion start to appear as momentum indicators such as the MACD indicate bearish divergence.
Even with the negative technical indications, the outlook for Ethereum isn’t all bleak. A modest day-day drop of 1.82% on above-average volumes indicates a genuine pullback but there lies some hidden strength in the market. The Discovery rate at 84% indicates that there’s also positive momentum in the market and that there are bullish traders who remain optimistic in the long term. This resilience of Ethereum indicates that it may still shock many people, particularly if it breaks the near-term resistance at $1,800.
Ethereum RSI shows neutral market conditions
An RSI reading of 57.61 on Ethereum denotes neutral ground, not overbought or oversold. The ADX of 86.2 suggests a compelling underlying trend. A negative crossover in the MACD, however, cautions investors to prepare for potential short-term weakness.
Levels to be monitored are resistance at $1,800 and support at $1,734 to $1,756. A move above $1,800 will indicate new bullish momentum, and a fall below $1,734 might prompt a deeper decline. Buyers should await clear breaks or retests before going into new positions.
Ethereum sees biggest single-day inflow of 449,000 ETH
In April, Ethereum experienced its single-day highest inflow into accumulation wallets ever: 449,000 ETH, approximating $786 million. This indicates high conviction amongst long-term investors, despite prices reaching the $1,400 mark. Most of these investors are still underwater, considering they have a higher realized price of $1,981.
Network activity indicates a 10% increase in active addresses from 306,211 to 336,366 in two days, supporting the optimistic mood. DeFi transaction volumes, however, sit steady, meaning engagement with decentralized finance hasn’t picked up. This dichotomy between holder sentiment and platform usage introduces uncertainty into Ethereum’s short-term prospects.
