Ethereum’s overall outlook is bullish, but the price is currently facing significant resistance and struggling to surpass it. Considering the recent action, a short-term rejection is possible before the next trend. By Shayan The Daily Chart Ethereum bulls are having trouble pushing the price above the significant resistance region of .8K. After reaching this crucial range, Ethereum started consolidating with no clear direction, resulting in dull price action. This indicates a battle between sellers and buyers, and a breakout from this range will likely determine the short-term direction of ETH. Nevertheless, the clear significant bearish divergence between the price and the RSI indicator suggests that there is a higher possibility of the price experiencing a short-term
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Ethereum’s overall outlook is bullish, but the price is currently facing significant resistance and struggling to surpass it. Considering the recent action, a short-term rejection is possible before the next trend.
By Shayan
The Daily Chart
Ethereum bulls are having trouble pushing the price above the significant resistance region of $1.8K. After reaching this crucial range, Ethereum started consolidating with no clear direction, resulting in dull price action.
This indicates a battle between sellers and buyers, and a breakout from this range will likely determine the short-term direction of ETH. Nevertheless, the clear significant bearish divergence between the price and the RSI indicator suggests that there is a higher possibility of the price experiencing a short-term rejection before initiating the next bullish rally.
The 4-Hour Chart
The future short-term direction of Ethereum’s price remains uncertain, with recent action offering no clear indications. However, there are two crucial levels of support and resistance that Ethereum is facing: the $1.7K level as support and the channel’s upper trendline at $1.9K as resistance.
A break above the channel’s upper trendline would signal a bullish turn in the long-term outlook. Conversely, a sharp decline and a fall below the mid-boundary level could indicate a bearish trend, with the next level of support being the $1.5K mark.
By Shayan
This graph demonstrates the 14-day moving average of the Funding Rates metric alongside Ethereum’s price. Over the past few months, the latter has shown a bullish trend, and the overall market sentiment has turned positive. This shift in sentiment is reflected in the funding rates metric.
However, during a recent shakeout, the funding rate metric also plummeted and dropped below 0 for a short period of time.
Yet, after another bullish price rally, the metric has also reclaimed 0 and turned green, indicating bullish sentiment over the market. Nevertheless, Ethereum’s general bias is bullish for the mid-term, and the metric should be monitored closely to prevent losses due to sudden price drops.
