- Ethereum was trading in the $3,800 price zone at the time of writing.
- ETH created string support for itself around this level.
Bitcoin [BTC] has recently crossed the $71,000 price barrier, generally shifting the market focus to Ethereum [ETH]. An analysis found that while ETH had a rally of its own, it was short-lived.
Ethereum fails to maintain momentum
An analysis of Ethereum on a daily timeframe chart revealed a slight positive move at the close of trading on June 4. The chart showed that ETH rose by over 1%, bringing its price to around $3,810.
Although modest, this move pushed ETH towards the $3,800 price area for the first time in days and marked its first positive move in three days. However, at the time of writing, ETH has returned to a negative trend.
Source: TradingView
Analysis showed that despite maintaining the $3,800 price range, Ethereum was trading with a decline of less than 1%.
An examination of the Relative Strength Index (RSI) shows that despite recent poor price performance, it is still in a bull trend, with the RSI at almost 65 at the time of writing.
Furthermore, the $3,700 price range emerges as the immediate support level as the price has been continuously bouncing back from this level since reaching it.
Ethereum volume is showing positive signs
An analysis of Ethereum’s volume showed a recovery since the start of the new month. Initially, the volume dropped to around $9 billion, but it has gradually increased and recently reached its highest point this month.
At the end of trading on June 4, volume was approximately $13.5 billion, and at the time of writing this has increased to over $14.6 billion. This volume increase is an important metric to monitor when predicting the potential direction of Ethereum’s price movement.
Source: Santiment
Although the price has not yet risen significantly, the increase in volume indicates increased activity, which could influence price movement.
ETH in earnings sees a slight increase
Analysis of Ethereum’s profit volume revealed an increase of approximately 2 million ETH in the past 24 hours.
Read Ethereum (ETH) Price Prediction 2024-25
According to SantimentAt the end of trading on July 4, the number of ETH gains was approximately 129.5 million.
At the time of writing, that number has risen to more than 131 million. This increase means that the percentage of supply in profit has grown from approximately 93.4% to more than 94%.
Source: Santiment