- Ethereum holds steady near $3,620 amid a recent dip.
- Market activity slows; volume and open interest both drop.
- Ethereum eyes $4,000 as the next resistance target.
Ethereum (ETH), the world’s second-largest cryptocurrency, is showing signs of strength even as its price has dipped slightly in recent days. While the overall crypto market remains relatively quiet, all eyes are on Ethereum as it hovers near important price levels.
In the past 24 hours, ETH has dropped by 1.33%, and over the last week, it’s down by 3.63%. At the time of writing, ETH is trading at $3,621.30. Its daily trading volume is $30.37 billion, about 9% lower than the previous day, indicating that market activity has slightly slowed.
Despite this, analysts remain hopeful about ETH
Well-known crypto analyst Ted (@TedPillows) pointed out that ETH is still trading in the higher price range of the past few weeks. He believes that if the market gains fresh momentum, ETH could soon push toward the $4,000 level.
According to Ted, the next important barrier is at $3,817. If Ethereum rises above that level with strong buying support, it could open the door for a move to $4,000.
However, on the flip side, if ETH drops below its current support zone around $3,396, the next likely stop could be near $3,144, which is an area where buyers previously stepped in.
Also Read: Ethereum Whales Stack More ETH as Sharplink and Ether Machine lead Surge
Open interest declines, but optimism remains
On-chain data indicates that Ethereum’s market activity has slowed. Trading volume dropped by 11.95% to $90.41 billion, and open interest fell by 4.28% to $46.76 billion.
However, the funding rate remains slightly positive at 0.0085%, suggesting cautious optimism among traders. While overall momentum has cooled, the market still has room to turn bullish if ETH breaks key resistance levels.
What comes next for ETH?
Although market enthusiasm has cooled compared to earlier surges, ETH still shows potential for a bullish comeback.
The key lies in breaking the $3,817 resistance. If ETH gathers enough momentum and buyer interest returns, a retest of the $4,000 level is entirely possible.
For now, Ethereum’s price may be consolidating, but analysts agree that the market could be setting the stage for its next major move.
Also Read: BitMine Surpasses $2.9 Billion in ETH, Now Largest Ethereum Treasury Globally
