In the past four hours, the ETH/USDT pair has shown a relatively stable performance, trading within a consolidation phase. After a recent surge that pushed Ethereum's price above $3,400, it encountered selling pressure at this resistance level, prompting a retracement to the $3,130-$3,200 range. This behavior reflects ongoing cautiousness among traders, with many waiting for clearer directional signals.
The technical indicators suggest a bullish outlook for Ethereum in the medium term. The cryptocurrency has managed to stay above its Volume Weighted Average Price (VWAP) and several moving average thresholds, signaling recovery momentum despite the short-term corrections. Furthermore, derivative data reveals a positive funding rate and moderate open interest, highlighting healthy market activity with a focus on buying interest.
In the short term, Ethereum may face resistance at $3,400 while maintaining support near $3,100. A breakout from this range could determine the next trend. Traders are advised to monitor key levels and market sentiment for further insights.