Ethereum (ETH) price settled up 0.30% in the last 24 hours at $3,610 with a trading volume of $15.62 billion, while the total crypto sector value reached $3.47 trillion. The prominent coin continues to hold up amidst the volatile market sentiment, as evidenced by the Fear and Greed Index reading remaining at 61, indicating relative greed. Ethereum is the second-largest asset in the sector with a market cap of $435.12 billion, and its price is currently testing a significant resistance level at $3,675 due to the confluence of a downtrend line and a double top pattern, making it a pivotal level for traders to watch.
Current market situation:
Crypto trading volumes stabilized at $87.46 billion, reflecting continued investor interest in participating in the market, while the altcoin season index reading stabilized at 100/52, indicating a balance of investor interest in Bitcoin (BTC) and altcoins, while Ethereum price movements are a key focus that traders are following in the hope of its expected upward breakout.
Key Ethereum price indicators and levels to watch:
Ethereum price is currently facing the closest resistance level at $3,675, which represents a barrier that it must break to continue its upward march and pave the way to test the next resistance level at $3,829 or even $3,977.
However, failure to break it could lead to a decline to test the nearest support levels at $3,504, $3,299, and $3,097, respectively. Momentum indicators are also giving mixed signals; an RSI reading of 60 indicates that ETH has a slight buying momentum, while stability above the 50-day exponential moving average (EMA-50) around $3,490 is a promising sign that the upside could continue in the foreseeable future.
However, the possibility of a double top pattern forming is a concern regarding the possibility of a price reversal in case of failure to break the $3,675 barrier.
What should traders watch out for?
The current reading of the Fear and Greed Index (FGI) at 61 indicates that the coin is enjoying relative bullish momentum, but market participants should be cautious about the nearest resistance level to Ethereum’s price action, which is $3,675. A break above it could give the coin additional buying momentum and push the price to test the next resistance levels, while a failure to break above this barrier could lead to a correction wave that could push it to retest the support level represented by the EMA-50 line.
Key points:
Resistance levels: The closest one is at $3,675, followed by $3,829 and then $3,977.
Support levels: The closest one is at $3,504 followed by $3,299 and then $3,097.
Market Sentiment: The RSI reading currently at 60 indicates that the currency has slight positive momentum, while the price stability above the EMA-50 line indicates that it may continue to rise in the foreseeable future.