#Write2Earn
The Ethereum ETH currency continues to show its strength, currently trading at around $4,490, approaching the middle of the ascending channel. The market has maintained a steady recovery since late September, but some signs of local momentum decline have begun to appear, which could indicate a short-term pullback before resuming the upward wave.
Technical Analysis of Ethereum
Daily Chart
The daily chart indicates that Ethereum (ETH) is still within an ascending channel structure, supported by the 100-day moving average at around $3,900 and the 200-day at around $3,000. The price is approaching the resistance area at $4,800, a key level that has capped the rise in recent months.
On the other hand, the Relative Strength Index (RSI) has risen to 62, reflecting healthy market momentum without reaching overbought levels yet. Any breakout above $4,800 could pave the way for testing the psychological level at $5,000 and above.
While failing to maintain the current levels may lead to a retest of the lower boundary of the ascending channel, and even the critical demand area at $4,000, which is a crucial level for investors to keep the bullish market ongoing.
4-Hour Chart
The 4-hour chart shows early bearish divergence between price and the Relative Strength Index (RSI), indicating weakness in momentum, with Ethereum (ETH) testing the key resistance area at $4,700–$4,800.
However, despite this, a small bullish gap formed near $4,600, which might attract a short-term correction and provide support before resuming the upward movement.
If buyers succeed in defending this gap and regaining control, the next upward target will remain at $4,800. Losing this level may lead to a deeper correction towards $4,200, where a strong demand area and the neckline of the last inverted head and shoulders pattern are located.
Network Analysis
Although the price of Ethereum (ETH) is rising again and seems ready for a new bullish wave, the network activity presents a slightly different picture. The number of active addresses has recently seen a slight decline, despite the price increase, indicating a short-term gap between network participation and market performance.
The number of active addresses should rise in parallel with the price to ensure the sustainability of this bullish trend and confirm real user participation and demand on the network. Continuous decline in activity may indicate weakness in the fundamentals, making it difficult for Ethereum to maintain momentum above the resistance area of $4,700–$4,800.