Ethereum #ETH is in a state of anticipation
U.Today reported that Ethereum $ETH is in an uncomfortable position for both sides of the market, indicating that a larger move is imminent. After a sharp rejection from the peaks and a deep corrective wave, the bleeding has stopped, and the price has begun to compress just below the main resistance.
Structurally, the medium-term trend remains bearish as ETH trades below its key moving averages, which act as dynamic resistance. However, a critical shift in momentum has occurred, as the recent bounces from local lows have been impulsive with a clear decrease in selling pressure. Additionally, volume has increased during the bounces and decreased during the declines, indicating that distribution is no longer in control. Success in reclaiming the short-term moving averages and maintaining above them could pave the way for testing the broader resistance range, which could trigger explosive upward moves.
