ETH's subsequent trend analysis!
After the launch of the Ethereum ETF, the trading volume reached $1.1 billion.
The current unprecedented resistance is $3,500.
As of the latest update, Ethereum is trading at $3,440, continuing to lag behind Bitcoin, which is hovering around $65,800.
Although ETFs have brought a lot of money to Ethereum, it is still a little worse than Bitcoin at the beginning.
The full effect of the ETF has not yet rebounded the market!
Data shows that there is a complex relationship between trading volume and price performance. After the launch of the ETF, the market may be experiencing a "sell the news" effect.
Technical analysis: exploring Ethereum's price trend
Analyzing the ETH/BTC chart reveals a descending wedge pattern, which is a potential bullish indicator. The asset is currently facing resistance near the 50-day and 200-day EMAs. If the wedge breaks upward, ETH may soar to higher levels, specifically 0.0545 BTC and possibly 0.0574 BTC. Conversely, breaking below the lower trendline may confirm further downward movement. RSI is around 45, which is bearish, indicating that momentum is weakening, so traders must pay close attention to these technical indicators.
The current bull market may break out at any time. If you haven't laid out yet, you don't know what to buy.
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