$ETH

Ethereum Current Status: Ethereum price is closely consolidating within a narrow range, defending the local support. This suggests the price is accumulating strength to trigger a fine price action in the next few days. With this, the possibility of reclaiming $3000 appears to be extremely high, which could pave the way for fresh yearly highs.

Market Performance: Ethereum is trading at $2,712.53 and has surged by over 1.52% in the past 24 hours. The market cap has increased to $327.01 billion with a similar rise after marking the bottom around $306 billion. While the trading volume has decreased by over 63.59% to reach close to $24.84 billion. The bullish sentiments are around 64% and the fear and greed index has dropped to 38, suggesting the trader’s sentiments have turned to fear from being neutral.

Technical Analysis: The Ethereum price is stuck between 50-day & 200-day MA levels, which are acting as strong resistance and support levels. Neither bulls nor the bears are exerting enough pressure and as a result, the price remains stuck within a narrow range. However, the current market dynamics suggest the continuation of a sluggish trend for a while, but the upcoming breakout could be pretty massive.

ETH Price Prediction: Ethereum is undergoing a slow yet steady consolidation, which has kept rising the optimism around the token in the past years. As a result, the ongoing accumulation is also expected to result in a massive breakout, which may lessen the distance between the ATH above $4800. The price initially failed to hold $4000 and later $3000, but the bears constantly failed to drag the levels below $2000. This suggests the bulls remain passive but may soon begin a monstrous rally.