- Ethereum price is above the $4,300 support on the robust daily trendline.
- On the 4H chart, MACD shows early upward momentum and turns bullish.
- Leveraged downside pressure on $83M in ETH price long liquidations in the recent past.
Ethereum price remains steady at $4,300 as traders remain vigilant about the next step that the cryptocurrency takes. As the asset is yet to attain key support, a bullish crossover of the Moving Average Convergence Divergence (MACD) has appeared. Even though the price of Ethereum is still consolidating, technical and derivatives data are already starting to show signs of a recovery. Traders are focusing on whether momentum can build to push the price through the next resistance levels.
Ethereum Price Maintains Its Structure as Derivatives and Indicators Evolve.
Ethereum’s price market structure is bullish, with its highs and lows rising. The trend line, which has been used to support the previous pumps, remains upwards. The support lies in the range of $4,000 to $4,300, and the current resistance is found at or near $5,000 to $5,200. The next upward target for Ethereum price could reach $5,600 in the near to medium term if the price maintains this range.
Ethereum price is currently trading between $4,200 and $4,500 on the 4-hour chart. Overall volume is still low, but it slightly increases near support. A bullish crossover of the Moving Average Convergence Divergence (MACD) below the zero line indicates an early shift in momentum. The Relative Strength Index (RSI) stands at 43.12, suggesting weak momentum. But it is starting to stabilize.
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In the derivatives market, the Ethereum price is supported by increasing activity. While open interest decreased 0.42 to $58.91 billion, volume increased 15.13 to $98.64 billion. Over 70% of the top traders remain in long positions, despite the market’s long/short ratio being 0.9701. The 83 million dollars spent on lengthy liquidations is a sign of the recent pressures placed on leveraged buyers.
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