- Ethereum shows signs of consolidation amid ETF hype, indicating no strong market direction.
- Overall sentiment and technical indicators suggest that the consolidation phase has already begun.
Coming off the high of spot ETF hype, Ethereum’s [ETH] rally seems to be slowing down by the minute. What was an increase of 17% last week has turned to less than 1% this week. Is the world’s second-largest cryptocurrency at risk of consolidating?
Let’s take a look.
The Ethereum derivatives data presents a mixed sentiment, potentially indicating a slowdown in Ethereum’s rally. The increased trading volume by 10.32% and open interest by 1.19% shows that traders are still quite active with ETH.
Source: Coinglass
Looking at the long/short ratios, we see a predominance of long positions over shorts, indicating that despite the slowdown, many traders are still betting on Ethereum’s bull run as ETFs get ready to start trading next week.
Source: Coinglass
Ether’s current liquidation pattern could signal that despite the predominant bullish sentiment, ETH is facing increased market caution. This typically precedes a short-term consolidation, as was seen from Bitcoin after breaking all-time highs earlier this year.
The ETH/USDt chart shows an incoming consolidation even more. After peaking around $3,980, Ethereum faced resistance and has since formed a consolidation pattern, generally fluctuating between $3,770 and $3,900.
Source: TradingView
The Relative Strength Index (RSI) currently reads at 51.43, indicating a neutral momentum that aligns with the ongoing price consolidation.
This suggests neither overbought nor oversold conditions, providing no strong bias towards either bullish or bearish momentum in the near term.
From a technical analysis perspective, the key support level to watch is around $3,770, marked by several touches over the past few days, which have prevented further declines.
On the upside, resistance is set near $4,000, where Ethereum has struggled to sustain upward movements.
Source: Santiment
Meanwhile, a notable peak in social dominance suggests a recent surge in discussions or interest around Ethereum, which is clearly driven by the ETF hype.
Is your portfolio green? Check the Ethereum Profit Calculator
The moving averages, however, show a downward trend in the long term, predicting an overall decreased interest level in Ethereum.
All in all, Ethereum is not at risk of consolidation. It is already consolidating.
- Ethereum shows signs of consolidation amid ETF hype, indicating no strong market direction.
- Overall sentiment and technical indicators suggest that the consolidation phase has already begun.
Coming off the high of spot ETF hype, Ethereum’s [ETH] rally seems to be slowing down by the minute. What was an increase of 17% last week has turned to less than 1% this week. Is the world’s second-largest cryptocurrency at risk of consolidating?
Let’s take a look.
The Ethereum derivatives data presents a mixed sentiment, potentially indicating a slowdown in Ethereum’s rally. The increased trading volume by 10.32% and open interest by 1.19% shows that traders are still quite active with ETH.
Source: Coinglass
Looking at the long/short ratios, we see a predominance of long positions over shorts, indicating that despite the slowdown, many traders are still betting on Ethereum’s bull run as ETFs get ready to start trading next week.
Source: Coinglass
Ether’s current liquidation pattern could signal that despite the predominant bullish sentiment, ETH is facing increased market caution. This typically precedes a short-term consolidation, as was seen from Bitcoin after breaking all-time highs earlier this year.
The ETH/USDt chart shows an incoming consolidation even more. After peaking around $3,980, Ethereum faced resistance and has since formed a consolidation pattern, generally fluctuating between $3,770 and $3,900.
Source: TradingView
The Relative Strength Index (RSI) currently reads at 51.43, indicating a neutral momentum that aligns with the ongoing price consolidation.
This suggests neither overbought nor oversold conditions, providing no strong bias towards either bullish or bearish momentum in the near term.
From a technical analysis perspective, the key support level to watch is around $3,770, marked by several touches over the past few days, which have prevented further declines.
On the upside, resistance is set near $4,000, where Ethereum has struggled to sustain upward movements.
Source: Santiment
Meanwhile, a notable peak in social dominance suggests a recent surge in discussions or interest around Ethereum, which is clearly driven by the ETF hype.
Is your portfolio green? Check the Ethereum Profit Calculator
The moving averages, however, show a downward trend in the long term, predicting an overall decreased interest level in Ethereum.
All in all, Ethereum is not at risk of consolidation. It is already consolidating.
where buy generic clomid can i get generic clomiphene without rx can i buy generic clomid where buy cheap clomiphene without dr prescription can you get clomid for sale get generic clomiphene prices get clomiphene prices
Thanks an eye to sharing. It’s top quality.
More posts like this would create the online space more useful.
azithromycin 500mg tablet – buy zithromax generic order metronidazole 200mg pill
rybelsus 14 mg price – rybelsus price order cyproheptadine 4 mg generic
order augmentin 375mg without prescription – https://atbioinfo.com/ buy generic ampicillin
buy esomeprazole 40mg pills – anexa mate nexium 40mg capsules
order warfarin 2mg online cheap – https://coumamide.com/ order cozaar online
order meloxicam online cheap – mobo sin buy meloxicam 7.5mg sale
prednisone 40mg cost – aprep lson cost deltasone 40mg
buy amoxil tablets – https://combamoxi.com/ buy generic amoxil
diflucan 200mg cheap – https://gpdifluca.com/# forcan medication
buy escitalopram pills for sale – escita pro escitalopram 20mg us
cenforce buy online – buy generic cenforce over the counter cenforce 100mg pill
when will teva’s generic tadalafil be available in pharmacies – ciltad gn cheapest cialis
canada cialis – https://strongtadafl.com/ cialis liquid for sale
order zantac pill – https://aranitidine.com/ zantac 150mg tablet
100 mg viagra cost – https://strongvpls.com/ viagra by mail order from canada
Greetings! Extremely serviceable par‘nesis within this article! It’s the crumb changes which wish make the largest changes. Thanks a portion in the direction of sharing! site
Thanks towards putting this up. It’s well done. https://buyfastonl.com/azithromycin.html
This website positively has all of the tidings and facts I needed adjacent to this case and didn’t positive who to ask. https://ursxdol.com/propecia-tablets-online/
This website absolutely has all of the tidings and facts I needed there this case and didn’t identify who to ask. https://prohnrg.com/product/cytotec-online/
I am in truth happy to glance at this blog posts which consists of tons of worthwhile facts, thanks towards providing such data. https://aranitidine.com/fr/acheter-cenforce/
With thanks. Loads of conception! https://ondactone.com/simvastatin/
I’ll certainly bring to be familiar with more.
where to buy meloxicam without a prescription
Greetings! Jolly gainful suggestion within this article! It’s the scarcely changes which will espy the largest changes. Thanks a lot in the direction of sharing! http://www.staroedobroe.ru/redirect.php?url=http://https://doselect.com/@decab16353abf074be022fa5f
I’ll certainly carry back to review more. http://wightsupport.com/forum/member.php?action=profile&uid=21295
purchase forxiga online – https://janozin.com/# dapagliflozin 10mg price
xenical pills – generic xenical order xenical 120mg generic
Good blog you procure here.. It’s hard to on great calibre writing like yours these days. I really appreciate individuals like you! Go through guardianship!! http://www.01.com.hk/member.php?Action=viewprofile&username=Dpymph