Predicting Ethereum’s Price Movement: A Delay in Reaching $4K

  • The Ethereum market has seen some stability recently.
  • Futures traders are showing confidence with long positions.

An assessment of Ethereum’s price movement has revealed that it has been trading within a narrow range after surpassing $3650 on 20th May.

This narrow range signifies a period of consolidation when buying and selling pressures are in equilibrium, preventing any drastic price shifts in either direction.

Resistance for ETH is holding steady at $3962, while support is firm at $3638.

ETH 1-Day Chart

Source: ETH/USDT, TradingView

Positive Signs for Ethereum’s Future

Analysis of key momentum indicators for ETH suggests a balanced market with no clear dominance in buying or selling.

While the Relative Strength Index (RSI) and Money Flow Index (MFI) hover above 50, indicating stability, they lack significant movements.

This stability implies a lack of strong buying or selling signals, leaving the direction uncertain.

Currently, ETH’s RSI stands at 64.92, while MFI is at 63.74.

Moreover, a decreasing Average True Range (ATR) corroborates the consolidation phase, reflecting subdued volatility.

ETH 1-Day ChartETH 1-Day Chart

Source: ETH/USDT, TradingView

A declining indicator signifies reduced volatility and suggests that ETH is moving within its current range without major fluctuations.

Strong Futures Market for ETH

Despite the lack of significant price movements, Ethereum’s futures market is witnessing increased participation. The coin’s futures open interest has surged by 42% since 20 May.

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This uptrend in open interest indicates growing trader confidence with more positions being initiated. Currently, ETH’s futures open interest stands at $16.45, according to Coinglass.

Moreover, the positive funding rate on cryptocurrency exchanges points towards a preference for long positions over short ones.

Next: XRP under bear watch: Market sentiment sways toward a price fall

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