Ethereum Investors Reverse Selling, But The Price Still Faces Trouble
Despite easing selling pressure, Ethereum's price recovery is limited, suggesting consolidation due to persistent bearish indicators.Summary
Ethereum has struggled to regain momentum following a recent 15.8% decline, trading sideways as investors cautiously adjust positions. Data indicates that selling pressure is receding, shown by a gradual decline in Ethereum outflows from exchanges, suggesting cooling bearish sentiment. However, this pause has not yet translated into significant accumulation necessary for a sustained recovery.
The Relative Strength Index (RSI) remains below the neutral 50 mark, indicating that bearish pressure persists and sellers still dominate. For bullish momentum to return, the RSI must climb above 50.
Currently trading around $3,512, Ethereum is holding above the $3,489 support level but remains below key resistance. Analysts suggest ETH may consolidate between $3,489 and $3,287 unless it can decisively breach the $3,607 resistance level, which would signal a trend shift and potentially lead to a test of $3,802.
(Source：BeInCrypto)