Ethereum

bullish

Resistance

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum’s price experienced a spike but failed to maintain upward momentum, leading to a more cautious market sentiment.</li> 
 <li>Despite the lack of momentum, Ethereum’s positive funding rate indicates market confidence in its future price appreciation.</li> 
</ul> 
Ethereum [ETH] saw a price spike last week, triggering optimism among traders and investors. 
 This positive sentiment, however, was short-lived as the price of Ethereum failed to sustain the upward trend. 
 Consequently, the market activities surrounding Ethereum have shifted from excitement to caution. 
<h2 id="ethereum-s-price-trends">Ethereum’s Price Trends</h2> 
Analysis of Ethereum’s daily chart reveals a relatively uneventful trend until a significant spike on 23rd August. 
 This surge resulted in Ethereum’s price increasing by over 5%, from approximately $2,623 to around $2,764. 
 However, this momentum quickly dissipated, with the following trading session only yielding a modest 0.1% increase. 
 Currently, Ethereum is trading at around $2,754, reflecting a slight decline of about 0.5%. 
The Relative Strength Index (RSI) analysis shows that it is currently hovering around its neutral line, indicating a lack of strong market momentum. 
 Additionally, Ethereum’s short-moving average (yellow line) remains a critical resistance level at around $2,900, which Ethereum has yet to breach. 
 The long-moving average (blue line) is positioned as the next significant resistance level, around $3,200. 
For Ethereum to establish a sustained bullish trend, it needs to overcome these resistance levels. 
 Until then, the price may continue to struggle to break out of its current range, with the bullish momentum hanging in the balance. 
<h2 id="ethereum-s-liquidation-trend">Ethereum’s Liquidation Trend</h2> 
An analysis of Ethereum’s liquidation trend over the past few days reveals that there hasn’t been a significant liquidation trend for several weeks. 
 The only notable activity occurred on 23rd August when Ethereum’s price saw a 5% increase, leading to liquidations spiking to approximately $50 million, with short positions particularly affected. 
 Data shows that short liquidations accounted for over $34 million. 
The relatively low volume of liquidations in recent days suggests that traders are exercising more caution in their positions, likely due to the current market uncertainty. 
Despite the recent lack of momentum and cautious behavior observed in liquidation trends, one positive aspect of Ethereum is the ongoing favorable market sentiment. 
 This is evidenced by Ethereum’s consistently positive funding rate. 
 The analysis shows that Ethereum’s funding rate has remained above zero, indicating that buyers are still dominant. 
The positive funding rate suggests that long positions continue to prevail, with traders willing to pay a premium to maintain their long bets on Ethereum. 
 This dominance of long positions reflects confidence among market participants in Ethereum’s potential for future price appreciation.

Ethereum’s Uneasy Battle with Crucial Resistance – A Neutral RSI Keeps Traders Alert

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CoinEagle.com

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