Is Ethereum Crypto Price Primed For An ETF-Fuelled Rally?

• Ethereum advanced by 10% from its previous day’s low.
• The price of ETH is slightly volatile wrestling in a volatility of 5.77%.

The sentiment of the Ethereum coin is bearish as per Coincodex, following which the fear and greed index is also at 27. This shows fear among investors for ETH, while the price has advanced over the last two days.

A surge in the demand for Ethereum can be seen as the value of the traded volume for the crypto rose by 9.5% over the last 24 hours. Following this, the market cap of the coin advanced by 2.06% at press time.

The liquidity is high as its volume/market cap ratio is 5.23%, resulting in a traded value of $19.058 Billion. Also, Ethereum has a very strong market presence, it is the second largest cryptocurrency in the global crypto market. 

The market cap dominance of the coin further is 17.35% and the supply inflation of the crypto is very resulting in -0.24%.

While the maximum supply of the coin is infinite, its circulating supply and the maximum supply are the same resulting in 120.205 Million ETH. A surge in the weekly active users of the Ethereum ecosystem was recorded, resulting in a total of 2.17 Million users.

Ethereum Holders Position Overview

IntoTheBlock data shows that the majority of the holders of Ethereum are in profit, out of which 51% of the holders of the coin are whales.

Ethereum has a total of 112.24 Million holders out of which 89.65 Million addresses are sitting in the money which also means that their holdings are in profit. This shows that 75.27% of the holders are in profit while only 18.96% of holders are at a loss.

ETH Coin Technical Analysis

ETH hit crucial support levels and witnessed rejection from the same. The following level has been sustained by the price for the last three months. 

After advancing to a certain higher level after a breakout from a descending triangle pattern, the price declined to the breakout levels. 

The present structure of the coin’s price shows weakness as the decline in the price was followed by the lower lows on the chart. Additionally, the crypto took support and formed strong bullish candles on the chart. 

ETH/USD Chart by TradingView on

The crucial EMAs including the 50-day and the 200-day EMAs are trading in a golden cross on the chart. Despite this, the price declined below the 50-day EMA and took ssupport on the 200-day EMA. 

The supertrend also gives a sell signal on the chart, followed by the MACD and the signal line trading in a negative trajectory. Additionally, the MACD metrics are trading in a death cross.

The RSI also has sustained below the 50-level and the 14-day SMA. At press time, it was trading at 38.74, displaying weakness in the momentum of the price.

Ethereum’s price advanced by 10%, showing slight volatility. Despite recent gains, sentiment remains bearish with a fear and greed index at 27.

Trading volume and market cap have increased, but technical indicators show mixed signals. Key EMAs are in a golden cross, yet support levels are being tested, indicating uncertain momentum.

The support levels for the Ethereum coin are $2600 and $2800 followed by the resistance levels of $3430 and $3975.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.