Ethereum is trading below $3,700 after days of severe volatility and increasing uncertainty. The recent price movement clearly reflects the difficulty buyers have in defending key demand areas, with downward momentum continuing to dominate short-term trends. Despite multiple recovery attempts, Ethereum has not yet regained key resistance levels, raising concerns about a deeper correction in the short term.
Nevertheless, robust fundamental factors, such as increasing institutional adoption, network growth, and broader market developments, support the positive outlook for Ethereum in the coming months. These structural dynamics suggest that the current weakness may be part of a healthy consolidation phase before the next major price movement.
Prominent analyst Martin shared important information, showing that the net trading volume of Ethereum (daily) has sharply declined, indicating increasing selling pressure. This metric measures the difference between buy and sell orders in the market, providing a clear view of the current sentiment of active traders.
The net trading volume of Ethereum indicates a decline in its dominance.
Prominent analyst Martin shared key insights regarding the current dynamics of the Ethereum market, noting that the unavailable trading volume for Ethereum reached -$418.8 million (daily). This figure shows that unavailable sellers sold approximately 115,400 Ethereum more than buyers were willing to absorb through market orders. The unavailable trading volume measures the difference between executed buy and sell volumes at market price, providing a visual representation of the traders’ boldness who prioritize immediate order execution over optimal pricing.
This large negative volume of unavailable trades reflects the dominance of declining market participants over the order book, pushing sell orders higher. This behavior indicates that sellers are not waiting for better prices, highlighting a sharp short-term downward pressure that may overshadow Ethereum prices in the near term.
Nonetheless, this bearish signal comes after weeks of strong price gains, where Ethereum reached a local high of $3,940. In this context, some analysts view the current selling pressure as a healthy correction rather than a structural reversal of the trend.
Despite the decline in unavailable trading volume, the long-term fundamentals of Ethereum - including institutional accumulation, network growth, and adoption spread - remain intact. The current bearish dominance in the futures market serves as a short-term warning signal, but it does not yet indicate any disruption in Ethereum's overall bullish structure. Analysts will closely monitor Ethereum's ability to stabilize and maintain key support levels in the coming days.
ETH Price Analysis: Stabilizing Below Key Resistance Level
Ethereum (ETH) is trading at $3,624.67 after a volatile week characterized by sharp corrections and failed breakout attempts. The daily chart shows that Ethereum struggles to reclaim the key resistance level at $3,860.80, which has become a psychological barrier after being rejected multiple times. Despite bouncing from a local low near $3,360, bulls are struggling to maintain their gains above the $3,700 area.
The 50-day moving average (MA) at $3,059.75 continues its ascent, reflecting a long-term bullish trend, while the 100-day moving average at $2,742.48 and the 200-day moving average at $2,503.32 represent key support areas. However, in the short term, Ethereum's price shows a bearish tendency with the formation of lower highs, indicating weakening bullish momentum.
The trading volume remains moderate, lacking the necessary uptick to push Ethereum above the resistance level. If Ethereum fails to reclaim the $3,860 level soon, a retest of the support area at $3,360 may be a sign of that. Conversely, a strong close above $3,860 indicates the potential for the upward trend to continue.