Ethereum is currently priced at $3,893, following a recent rebound from last week’s low near $3,400. While the price has increased 4.5% in the past 24 hours and 1.2% over the week, it remains down more than 15% over the past month. Volume and market cap have shown small increases in the short term, but have yet to recover from the losses accumulated over the past 30 days.
Short-term volatility has increased, and the coin is trading below key moving averages. Although some recent news points to continued developer interest and speculation about a broader recovery, the technical indicators are still showing mixed signals.
Read also: BitMine CEO Says Ethereum Will Hit $12,000 – Is It Realistic?
Momentum Indicators
RSI: Neutral
The Relative Strength Index (RSI) is used to evaluate whether an asset is overbought or oversold. On the 14-day scale, RSI rose from 34 a week ago to 41 today. The 7-day RSI has also increased from 34 to 38. These values are within neutral territory, and not low enough to indicate strong oversold pressure.
MFI: Oversold
The Money Flow Index (MFI), which factors in both price and volume, shows a current reading of 28, indicating oversold conditions. It was 43 one week ago and has since declined. Although it has increased slightly from yesterday’s 26, it remains in the lower range.
Fear & Greed Index: Extreme Fear
The Fear & Greed Index, which reflects market sentiment across the broader crypto space, stands at 23. This is considered a sign of a strong market fear. The value was 27 one week ago and 38 five days ago, suggesting a continued decline in sentiment.
Read also: How To Use Crypto Fear and Greed Index To Your Advantage?
Moving Averages
SMA & EMA: Bearish
Ethereum’s price is currently below both short-term and long-term moving averages. The 9-day simple moving average (SMA) is 3,966, and the 9-day exponential moving average (EMA) is 4,013. Longer-term averages are higher, with the 26-day SMA at 4,185 and the EMA at 4,172. This alignment typically indicates bearish conditions.
Bollinger Bands: Increased Volatility
Bollinger Bands, which measure price volatility, show a current upper band of 4,775 and a lower band of 3,668. The price is closer to the lower band, which may suggest that it is in a lower volatility zone but not necessarily oversold.
Trend & Volatility Indicators
ADX: Weak Trend
The Average Directional Index (ADX), which assesses trend strength, is at 23. A reading below 25 is generally associated with a weak or non-directional trend.
ATR: Lower Volatility
The Average True Range (ATR), another volatility measure, is at 259, down from 270 yesterday and 243 a week ago. This indicates that recent price swings are not as sharp as they were previously.
AO: Bearish
The Awesome Oscillator (AO), used to confirm trend momentum, has declined further into negative territory. It currently reads -290, compared to -253 yesterday and -120 one week ago.
VWAP: Bearish
The Volume Weighted Average Price (VWAP) is at 4,084, above the current trading price. This may indicate that the asset is trading below the average value of recent buy volume.
What’s Next?
Taken together, current technical indicators do not confirm a clear direction. Some values, such as MFI and AO, suggest downward pressure, while others, like RSI, show neutral readings. The Fear & Greed Index indicates persistent market caution. Ethereum is not yet oversold, but it might be close to it if the negative sentiment continues.
