The ETHUSDT Perpetual Futures pair is currently trading at $1,808.52, reflecting a -1.33% decline over the past 24 hours. The mark price is also $1,808.52, indicating a synchronized reading between the last traded and calculated fair value. The trading range in the past 24 hours shows a high of $1,849.53 and a low of $1,801.71, demonstrating notable volatility. The 24-hour trading volume is significant, reaching 3.05 million ETH, equivalent to approximately $5.57 billion, pointing to strong market participation.
On the technical side, ETH is exhibiting bearish momentum, as seen in the strong red candlesticks and the drop toward the day’s low. The Moving Averages provide clear evidence of resistance overhead: the 7-period MA is $1,824.99, the 25-period MA is $1,830.18, and the 99-period MA is $1,831.11, all of which are above the current price level. This positioning of the MAs confirms downward pressure.
The RSI (6) is currently at 22.62, which places ETH deep in oversold territory, suggesting the possibility of a technical rebound. However, the trend remains bearish as the breakdown is accompanied by a surge in red volume bars, indicating strong selling interest.
In conclusion, the ETHUSDT perpetual futures market is under significant selling pressure with a bearish technical structure. While the RSI hints at a potential short-term bounce due to oversold conditions, the dominance of sellers and the position of key moving averages suggest continued caution for long positions unless a reversal or consolidation confirms otherwise.
