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- 1 Ethereum price gained momentum and slowly & steadily returned to track.
- 2 Buyers have started accumulation and are eyeing the $3500 level.
The ETH price has rebounded from the 100-day EMA mark and noted a bounce of over 11% this week. Moreover, the coin has picked strength and has retested the downward-sloping trendline hurdle near $3300. Furthermore, the price action signifies the buyer accumulation and trades above the 38.2% Fibonacci support zone. Despite the market correction and panic selloff across the crypto market, Ethereum’s second top crypto asset decisively held gains and sustained above the demand zone of $3000.
At press time, the Ethereum coin (ETH) price traded at $3235.09 with an intraday gain of 1.10%, reflecting a rebound on the charts. It has a monthly return ratio of -2.09% and 78.90% yearly. The pair of ETH/BTC is at 0.0485 BTC, and the market cap is $394.70 Billion. Analysts are bullish and suggest that the ETH coin may stretch the pullback and will soon cross the $3500 mark.
ETH Price Volume Profile Analysis On Daily Chart
The ETH crypto showcases a retracement on the daily charts and has displayed a bullish pennant pattern in lower-low swings. However, the coin has settled the gains and retained the 50-day EMA mark, conveying the buyer’s accumulation. Additionally, the ETH coin has reverted from the demand zone of $3000, and buying momentum was displayed this week. The intraday trading volume jumped over 3.89% to $10.12 Billion.
Price Volatility and Weighted Sentiment Outlook
Amidst the significant rebound of over 1.20% in the intraday session, the ETH crypto displays a decline in price volatility of over 46.90% to 0.050, displaying a neutral outlook. However, the weighted sentiment looks neutral and stayed near the midline around -0.233.
Social Dominance and X Followers Overview
Social dominance data dropped over 10.40% to 5.815%, noting a decrease in the media discussion reports. However, the X followers data reflected a surge of over 76% to 4221.
Development Activity and Total Open Interest Insights
For the past weeks, the development data witnessed a consistent rise and surged over 34.67%, which was noted above the midline at around 346, showing a positive outlook. Similarly, the derivative data signifies a long buildup and the open interest spiked by over 4.39% to $5.08 Billion.
Per the Fib levels, the ETH price has retained above the 38.2% zone and rebounded from the mid-Bollinger Band support zone. Similarly, the RSI curve retained the midline region, and a positive crossover was noted on the charts.
The total supply of the ETH coin is 122.37 Million, whereas the volume-to-market cap ratio is 0.0257, and it is ranked 2 in terms of market cap in the global crypto market.
Summary
The Ethereum coin (ETH) has reverted its strength and decisively returned the gains to the bullish track. Moreover, the buyers are starting to accumulate and eyeing overtaking the $3500 mark to retain the bullishness.
Technical Levels
Support Levels: $3100 and $3000
Resistance Levels: $3500 and $3800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
