Technical factors favor Ethereum price surge

Last week, Ethereum’s price fluctuated between $3,841 and $3,703, and despite the approval of the Ethereum ETF, the price did not rise. For two weeks, the price has remained unchanged, which calls into question the influence of this cryptocurrency in the market. With the increasing greed in the market, almost all other cryptocurrencies are now bullish. However, this is about to change as technical factors hint that Ethereum is about to rebound.

According to the Fear and Greed Index, the market sentiment is quite bullish for Ethereum, indicating increasing demand today. Moreover, a 10% surge in its trading volume, which brought its value to $14.6 billion, also favors Ethereum.

Moreover, as Bitcoin rises, the price of Ethereum has also started to recover and is currently trading at $3,798.61, up 0.9% from yesterday. This is because the simple and exponential moving averages at almost all levels have identified Ethereum as a buying zone, highlighting the increased interest.

Moreover, the relative strength index is 63.1, which explains the balance between buying and selling pressure on Ethereum. As long as the index value does not rise again, the Ethereum price will remain stable at the current average level. If altcoins maintain their sustained upward momentum, ETH price could rise to $3,946.

Over the past seven days, decentralized exchange trading volume has dropped by $2 billion. Back on May 28, DEX trading volume was around $3.34 billion, and currently stands at just $1.03 billion, raising concerns about altcoin demand.

Crypto trader SuperBro expressed the same concerns while analyzing Ethereum purchase data. According to his analysis, 1.81 million addresses purchased 1.66 million ETH at an average price between $3,820 and $3,700, which is on the low end. If the value remains the same without any further purchases, Ethereum price could remain stable for a while. However, if the purchase value drops, ETH price could drop, finding support around $3,580 and $3,462.

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