Altcoins News
By Evie Vavasseur
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Ethereum (ETH) continues to trade below the $2,500 mark, facing stiff resistance that threatens to stall any short-term recovery.
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At the time of writing, Ethereum is priced just under $2,500. The bullish momentum that had started to build in early June has faded, and technical indicators show a lack of…
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One of the main indicators currently drawing attention is Ethereum’s Market Value to Realized Value (MVRV) ratio, which stands at 1.16.
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Although ETH’s MVRV is slightly above neutral, the indicator is still not strong enough to justify a bullish breakout.
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Adding to the technical challenge is a long-term descending trendline that has been in place since 2018. Ethereum has failed multiple times to break through this resistance.
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The immediate hurdle for Ethereum lies at the $2,575 level. This price point has acted as a major barrier over the past few weeks.
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Analysts believe that a clean daily close above $2,575 could trigger a bullish continuation, potentially targeting $2,850.
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If bearish pressure returns, the next downside target would be the $1,750 support zone. This level has served as a strong base in the past and could provide some cushion in the…
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Volume Profile and RSI Paint a Neutral Picture
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Volume indicators also show a lack of strong buying interest. The visible range volume profile highlights a high level of trading activity between $2,100 and $2,300.
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Meanwhile, the Relative Strength Index (RSI) currently sits at 46.85, indicating neutral momentum. This reading supports the idea that the market is in a state of indecision.
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Institutional Interest Builds Behind the Scenes
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Despite the technical stagnation, some signs of institutional accumulation are emerging. Sharplink Gaming, a company involved in the digital entertainment space, reportedly…
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This move aligns with a broader trend of institutional players positioning themselves ahead of anticipated market developments.
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Outlook: Bullish Potential Hinges on Key Breakout
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