Key Points
- Ethereum is currently trading around $3,800, showing slight positive movement despite a recent decline.
- Ethereum’s volume and the number of ETH in profit are showing signs of recovery and growth respectively.
Ethereum is currently trading in the $3,800 price range, establishing a solid support at this level.
This comes in the wake of Bitcoin surpassing the $71,000 mark, which usually shifts market attention towards Ethereum.
Ethereum’s Momentum
Analysis of Ethereum’s daily chart showed a slight positive movement on 4th June. Ethereum saw an increase of over 1%, bringing its price to around $3,810.
This move, though modest, pushed Ethereum into the $3,800 price region for the first time in days. However, Ethereum has since returned to a negative trend.
Despite this, Ethereum continues to trade around the $3,800 mark. The Relative Strength Index (RSI) remains in a bull trend, with the RSI close to 65 at the time of writing.
The $3,700 price range is emerging as the immediate support level, as the price has consistently bounced off this level.
Volume and Profit Analysis
A look at Ethereum’s volume shows signs of recovery since the start of the new month. Initially, the volume fell to around $9 billion, but it has gradually increased, recently reaching its highest point this month.
By the end of trading on 4th June, the volume was around $13.5 billion, and it has risen to over $14.6 billion. This increase in volume is a key metric to monitor when predicting the potential direction of Ethereum’s price movement.
While the price has not significantly increased yet, the rise in volume indicates heightened activity, which could influence the price movement.
Analysis of Ethereum’s volume in profit revealed an increase of approximately 2 million ETH in the last 24 hours.
According to data from Santiment, the number of ETH in profit was around 129.5 million at the end of trading on 4th July.
That number has risen to over 131 million. This increase means that the percentage of supply in profit has grown from about 93.4% to over 94%.
