Ethereum Reverses to $2.3K After Weekly High
Ethereum (ETH) trades at $2,378, which is down by 5% in the past 24 hours after reaching a weekly high of $2,693. Despite the recent decline, the second-largest cryptocurrency still trades up more than 35% in the past month, which indicates the resilience of the crypto as the market as a whole recovers. Several experts are seeing the pullback as merely a temporary correction and not the start of a more severe downtrend.
Spike in Volume Reflects Renewed Market Interest
Ethereum spot trading volume has exploded. Over the past 24 hours alone, spot trading volume rose a whopping 128.6% to $29.6 billion, a sign of intense interest from retail and institutional traders alike. Derivative markets kept up — as per CoinGlass metrics, ETH futures trading volume rose 135%, even though open interest fell 5.53%. This is a combination that indicates short-term investors are closing positions as fresh money is ready to find its way into the market, preparing the ground for a potential resumption of the uptrend.
Momentum Indicators Provide Mixed Signals
Technically, Ethereum has cooled off after reaching near the top Bollinger Band. Relative Strength Index (RSI) dropped from overbought levels to 59.6, indicating lesser severe bullish pressure. Short-term indicators like the 10-day exponential and simple moving averages (EMA and SMA) are turning bearish, though ETH still holds above the 20-, 30-, and 50-day moving averages — a sign of more generalized trend strength.
The MACD (Moving Average Convergence Divergence) remains in the positive territory, showing there’s still a lot of room to keep going up should Ethereum find support in the current price level.
Analysts Continue to Remain Divided but Hopeful
Short-term market analysts are bullish on Ethereum. Popular commentator Crypto Titan noted that Ethereum’s weekly Stochastic RSI is not yet in the extreme overbought region, which implies “more gas in the tank” for the coin to go higher.
On the other hand, Crypto Patel credits the present price action as a corrective health after ETH’s rejection at the $2,500 level — an important fair value gap (FVG). He anticipates Ethereum can slip into the $1,930–$2,100 range, which aligns with past FVG levels and a bullish order block at $1,810. If demand resumes at these levels, Patel expects ETH to possibly rally towards the $4,000–$5,000 region in the near term.
Outlook: Will ETH Find Key Support?
Ethereum’s near-term response can be precarious, but its overall structure remains bullish. As long as ETH finds support at the key levels of demand, the setup is there for the next leg up. With heavy volume and a history of improving market tone, Ethereum can resume its path higher at any moment — if the buyers appear at the appropriate levels.
