Ethereum (ETH) starts today (7) with slight appreciation, trading around $2,565 after a week marked by stability. The cryptocurrency is testing the resistance in the region of $2,586 again, as shown in the 4-hour chart.
The Bollinger Bands, which measure volatility, remain slightly narrow, indicating consolidation. The price is maintained between the lower band ($2,478) and the upper band ($2,586), with the central average at $2,532 serving as a technical equilibrium line.
Ethereum price analysis. Source: TradingView
From the perspective of the structure of peaks and troughs, ETH has formed a sequence of higher lows in recent days, signaling an attempt to resume the bullish trend. A clear breakout of the resistance at $2,586 could pave the way to seek $2,700, while the nearest support is at $2,478.
The Relative Strength Index (RSI) is at 57.60, showing slight buying strength, but still below the overbought zone. The RSI measures the strength of movements and helps identify if the asset is overbought or oversold. Levels above 70 indicate overbought; below 30, oversold.
The trading volume is still relatively low, reinforcing market indecision. For ETH to confirm a breakout consistently, an increase in volume and a bullish candle that closes above the resistance will be necessary.
Meanwhile, investors are also monitoring the movement of Bitcoin and macroeconomic factors, such as U.S. data, which may influence Ethereum's behavior in the coming days.
The article Ethereum Analysis: ETH Approaches Resistance was first seen on BeInCrypto Brazil.
