Ethereum ($ETH) technical analysis on the 4-hour timeframe currently shows the price trading around $3,239. 📈 Currently, ETH is showing consolidation in a tight range, with major resistances at $3,311 and $3,566, and supports at $3,171 and $3,024. 🔍
The Stochastic RSI indicator is signaling oversold, which may indicate a rebound in the near future. 💥 However, to gain bullish momentum, ETH needs to break through the resistance at $3,311. Otherwise, there is a possibility of a decline towards the support at $3,171. 📉
The latest news comes from the Ethereum Foundation which intends to allocate 50,000 ETH to the DeFi ecosystem, which has received a positive response from the community. 🌟 The founder of Aave calls this a new era for Ethereum. However, there are concerns that this strategy will not work well. ⚠️
The WLFI project, backed by the Trump family, also made a large purchase of ETH, demonstrating the confidence of large institutions in Ethereum's potential. 💪 This collaboration is expected to increase the utility of the asset and create long-term growth opportunities going forward. 📢
