Ethereum’s price is holding steady right now, moving within a tight range as the market takes a breather. There’s a clear tug-of-war between buyers and sellers, with neither side gaining much ground just yet. While the recent moves haven’t been dramatic, ETH is showing some strength by staying above key levels. It appears like the market is gearing up for something bigger, with traders watching closely for signs of a breakout as Ethereum continues to hover in this calm zone.
Over the past few days, Ethereum has remained network-heavy despite a slight pullback in daily transactions and moderate gas usage. Meanwhile, large holders are withdrawing from exchanges, and institutional inflows are accelerating. Here are the top fundamental & on-chain updates that have been strongly impacting the ETH price lately.
As the ETH price consolidates in a narrow range, it appears the token is preparing for a massive price action in the long term. The short-term price action may appear uncertain, but the weekly chart hints towards a potential breakout.
The weekly Ichimoku cloud is about to undergo a bullish crossover, which suggests the indicator is about to undergo a bullish crossover. On the other hand, the weekly DMI levels have converged, suggesting a huge volatility incoming that may change the direction of the persisting trend. After a strong recovery, the ETH price has reached the threshold, and hence, a breakout from this range could elevate the levels above $3000.
With this, the Ethereum price may begin a fresh bullish spell and reach out to levels never seen before.
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