Bitcoin sustains its position over $70,000, thwarting the bearish anticipation of a drop below $60,000. The dominant cryptocurrency‘s performance is influencing a bullish sentiment for altcoins, even amidst negative market conditions. Conversely, Ethereum shows a more muted behavior, hovering around $3,500, as it grapples with recent regulatory actions in the United States.
Ethereum’s Market Position
Market analysis tools such as the Pi Cycle Top indicator point to a potential consolidation phase for Ethereum. The current indicator range hints at a resting phase for buyers within a price bracket of $2,750 to $4,231, which might set the stage for a future upswing. Ethereum’s market value appears to be in equilibrium, as it is positioned between long-term and short-term moving averages.
Anticipating Ethereum’s Next Move
Ethereum’s Net Unrealized Profit/Loss (NUPL) metric oscillates between neutral zones, suggesting a market driven by cautious optimism. External factors, such as the SEC’s recent decisions, put a damper on the likelihood of Ethereum ETF approvals within the year, leading to a stabilized price under the $4,000 mark, reinforcing the consolidation pattern.
Technical analysis of the four-hour chart through Exponential Moving Average (EMA) lines indicates a persisting sideways trend for Ethereum. Potential volatility could test resistance levels at $4,100, where surpassing could aim for record highs. However, a decline below the support level of $3,200 may signal a bearish turn, potentially establishing a new bottom within the $2,900 to $2,750 range.