Ethereum trades at $2,476 and prints a doji on the 0ne-day chart. The latest valuation comes after it faced a significant halt to its attempt to retake the pivot point at $2,500.
Nonetheless, the ongoing struggle for dominance may take a different turn before the week ends. However, it’s worth noting that the bulls showed significant readiness to flip the highlighted mark. Trading actions during the previous intraday session showed the buyers edging as it briefly flipped $2,500 and closed with gains of almost 2%.
The most recent change in price trajectory comes after several days of notable price declines. It started Monday losing over 2, losing the $2,700 barrier. It continued downward the next day, retesting $2,600.
Wednesday brought a significant price change as the apex altcoin registered a massive decline. It opened trading at $2,620 but dropped sharply, breaking $2,500 before rebounding at $2,448. The day ended with losses of almost 4% despite bullish attempts at recovery.
A similar movement played out on Friday as tension in the Middle resulted in some traders panic selling. ETH halted its trail at returning to $2,600 and dipped, losing the $2,500 support and $2,400. It found support at $2,379.
Positive Onchain Data
Some onchain metrics are positive as the bulls continue attempts at reclaiming critical levels. One such is the exchange reserve. It is declining as the bulls continue buying and stacking up the asset. Fewer investors are moving their coins to exchanges, resulting in a negative netflow.
At the time of writing, derivatives are seeing notable bullish actions. Funding rates are green as long and short position holders strengthen their positions by adding more funds. Traders are also stocking up on ETFs as the Fund premium is positive.
Other technicals, like RSI and Stochastics, are fairly silent. The latest reading comes after both metrics showed that Ethereum was overbought a few days ago.
Ethereum may Surge
A closer look at the chart shows the apex coin edging towards a possible significant change in price trajectory. Currently down by almost 10% on the weekly scale, this critical indicator may hint at the end of the downtrend.
On Friday, the Bollinger Band shows the apex altcoin retracing closer to the lower SMA. A slip below this highlight metric may mean the end of the downhill movement. However, ETH did not test or slip below it. The outcome may be the same as the previous price movement shows.
For example, a similar event happened on the third day of the month when it hit a low of $2,309. It gradually resumed its uptrend, gaining over 17% over the next three weeks. Another occurred last month, with the asset gaining over 19% before touching the upper band.
However, other indicators are split between buy and sell signals. One such is the moving average convergence divergence, which shows that a bearish interception happened a few days ago. The 12-day EMA continues downward with no signs of recovery.
The average directional index is silent amidst the ongoing price trend, which has trended parallel over the last three days. However, the relative strength index assumed the same position as the asset, seeing an equal push from the bulls and bears.
Stacking Demand
Data from Coinglass shows notable demand concentration building up key price regions. One such region is at $2,570. Traders opened orders to sell off at this price, which means they are positive about prices reaching this mark.
A closer look points to further buy orders around $2,410. However, it is not as robust as the one to the top, which most likely places a move above $2,500. Nonetheless, we also believe the asset may retrace below $2,200 and are stacking up orders around this mark. Will their order get fulfilled?
