Ethereum Takes a 6.07% Weekly Hit—Is a $4K Rebound Imminent?
Ethereum stumbles after a brutal week—down 6.07% and gasping for bullish momentum. Can the smart contract giant claw its way back to $4,000, or is this another 'buy the dip' trap set by crypto’s merciless market makers?
Price action looks shaky, but ETH’s fundamentals haven’t evaporated overnight. The network still processes more transactions than Wall Street clears in a quarter—just with fewer suits and more degenerate apes.
Watch the $3,500 support level. Break that, and even the most diamond-handed HODLers might start sweating. But if Bitcoin’s halving rally kicks in? Ethereum could ride the wave straight past $4K—proving, yet again, that crypto moves faster than a hedge fund dumping bad positions.
- Ethereum trading volume rises 18%, showing strong market interest remains intact.
- The ETH price correction nears support; the next rebound could retest $4,050.
- Technical indicators suggest ETH momentum is cooling, but there is no bearish reversal yet.
Ethereum (ETH), the second-largest cryptocurrency by market cap, is currently navigating a cooldown phase after a strong rally earlier this week. While the overall crypto market remains neutral, ETH is showing signs of correction, but not a collapse.
Over the past 24 hours, ethereum has slipped by around 2.68%, and its weekly performance is down by 6.07%. At the time of writing, ETH is trading at $3,519.34, with daily trading volume rising to $41.52 billion, marking a 12.2% increase. Its total market capitalization currently stands at $420.87 billion.
Key Support Levels Now Under Ethereum Price
Ethereum had recently surged NEAR the $4,050 mark, but that momentum has faded. Technical data suggests the price faced strong resistance at the upper limit of its recent range.
This led to a pullback, and ETH is now sitting below key support zones, including the 9-day Exponential Moving Average (EMA) at $3,645 and the midpoint of its Bollinger Bands at $3,609.
The Relative Strength Index (RSI), a tool that helps gauge whether an asset is overbought or oversold, has dropped from 75.44 to 54.42.
This indicates Ethereum is now in a neutral state, not overheated, but not showing strong buying energy either. Meanwhile, the MACD, another momentum indicator, has turned negative.
A bearish crossover and a red histogram signal the possibility of continued consolidation or a deeper pullback unless renewed interest pushes the price upward.
ETH is currently just above the lower Bollinger Band, at $3,168, in a region that may be a significant support area. A reversal from here WOULD be required to bring ETH back above the resistance region of $3,609–$3,645 to resume momentum.
A breakthrough may offer the springboard for a MOVE back up to $4,050. A drop through $3,168 may, however, precipitate a steeper decline.
Open Interest Declines as Profits Taken
Despite this week’s price decline, market sentiment continues to be high. According to the data from CoinGlass, daily Ethereum trade volumes skyrocketed by 18.51% to $137.44 billion.
Open interest, or active futures contracts, on the other hand, dropped by 7.12% to $49.60 billion, a sign that profit-taking by certain investors may be underway.
The overall market sentiment as reflected by open interest-weighted positioning remains just slightly positive at +0.0033% andndicates cautious Optimism rather than bearishness.
In short, Ethereum is no longer in overbought territory, but the rally has paused. What happens next depends heavily on how ETH performs around the $3,609–$3,645 zone. A bounce could bring back momentum; a breakdown may invite further correction.
