crypto complex
06/08 03:29
Ethereum Price Action and Market Sentiment Ethere
Ethereum Price Action and Market Sentiment
Ethereum’s market cap climbed to $298.37 billion, closely matching its fully diluted valuation, suggesting minimal inflationary pressure. ETH’s 24-hour trading volume surged 37.67% to $17.19 billion, reflecting heightened investor activity. Futures liquidations on Friday totaled $46.74 million, split between $25.06 million in longs and $21.68 million in shorts, signaling volatility.On Thursday, ETH fell more than 7% and went below the lower boundary of the ascending wedge, but later rose to around $2,400. It has now come up to the lower boundary of the wedge and is testing the $2,530 resistance. A rejection here will drag it back down to the $2,400 support level. The further failure may smash the token deep down to $2,260–$2,110.
Breaking the $2,750–$2,850 resistance on the upside might be enough for a stronger rally. The technical factors link less severe bearish forces to the potential bullish reformation of Ethereum’s corridor pricing on its side. The RSI climbed above neutral after a brief dip, and the Stochastic Oscillator recovered from oversold levels, hinting at a possible bullish turnaround for Ethereum’s near-term price trend.
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