In the wider landscape, the Ethereum price broke down from a bullish range; however, the current price action suggests the token could be preparing to gain levels within the range. Despite a consolidated close to 2024, the 2025 trade began on a bullish note with the price surging above $3500 after a long time. The indicators flipped to bullish, suggesting a bullish continuation for the long time ahead. Meanwhile, the current ETH price action suggests no major price action may be anticipated for another few days.
Has the ETH price rally halted? Is a new ATH out of the way?
The ETH price is juggling around $3600 after the rise from a consolidated range of $3350, breaking the descending pattern. The technicals are neither in favour of bulls nor the bears, which suggests a stable market. The volume data seems negative, which implies a lack of buying interest. In such a scenario, the question arises whether it is a good time to buy Ethereum or to sell.
The current price action indicates the ETH price is trading under bullish influence as it sticks within a rising parallel channel. As the RSI remains incremental, the possibility of maintaining a continued ascending trend remains higher. Meanwhile, the +Di & -Di levels raise some concerns as they have converged, aiming for a bearish crossover, while the bulls have managed to keep up the trade above the support. As a result, both levels are going parallel to each other with less deviation.
Secondly, as seen in most of the cryptos, the volume has drained and reached the lowest levels, suggesting a massive squeeze. The key support and resistance levels are around $3678 and $3608, respectively. As the technicals do not display any major deviation, the risk assessment indicates mixed signals leading to a HOLD recommendation. Besides, the trader’s interest has also dropped as the volume remains restricted while other technicals are currently indecisive.
In simple words, the ETH market is stable right now but it may be certainly not the time to either buy or sell but just hold.
