$ETH Technical Analysis 📈📉📊

Ethereum (ETH) is trading at approximately $2,859.52, reflecting a 4.38% increase from the previous close.

Technical Indicators:

• Support Levels: Immediate support is observed around $2,734.69, with further support at $2,607.00 and $2,500.00.

• Resistance Levels: Key resistance levels are at $2,871.30, $2,950.00, and $3,000.00.

• Relative Strength Index (RSI): The RSI is currently at 46.58, indicating a neutral market with no immediate overbought or oversold conditions.

• Moving Averages: The 50-day moving average is above the current price, suggesting short-term bullish momentum. However, the 200-day moving average remains below the price, indicating long-term bullish strength.

Market Outlook:

Ethereum’s recent price movement indicates a consolidation phase. Traders should monitor the key support and resistance levels mentioned above. A breakout above $2,950.00 could signal a continuation of the bullish trend, while a drop below $2,607.00 may indicate a bearish reversal.

On-Chain Data:

On-chain data shows a decline in exchange outflows, indicating that holders are becoming less eager to sell. Meanwhile, increased whale accumulation hints at confidence in longer-term upside.

Conclusion:

In summary, while Ethereum shows resilience amid external uncertainties, traders should monitor these technical levels for potential breakout or breakdown scenarios.