The ETHUSDT Perpetual Futures contract is currently trading at $1,818.09, with a marginal increase of +0.02%, while the mark price is just slightly lower at $1,817.99. Within the last 24 hours, Ethereum has reached a high of $1,820.30 and a low of $1,750.00, accompanied by a trading volume of 5.37 million ETH, equivalent to about $9.59 billion USDT.
Technically, ETH has just crossed above the 7-period MA ($1,795.30) and 25-period MA ($1,790.27), and is currently testing the 99-period MA at $1,815.78. This move suggests a potential breakout if it closes convincingly above the 99-MA, indicating a shift in short-term market sentiment from bearish to bullish.
The Relative Strength Index (RSI) stands at 75.52, placing ETH firmly in the overbought zone, which may signal a possible pullback or consolidation in the near term unless strong momentum continues. Additionally, the significant volume spike supports the strength of this upward move.
In summary, the ETHUSDT perpetual futures market is showing signs of short-term bullish momentum, as price action pushes through key resistance levels. However, the high RSI suggests caution, as a retracement could occur before any sustainable continuation to the upside. Traders should watch for confirmation above the 99-MA and monitor volume strength.