Ethereum (ETH) recently broke through the 200-day moving average, surpassing approximately $3,475 (about 48.32 million won), but without a clear upward trend following this, the market is returning to a wait-and-see mode. Comprehensive analysis of technical indicators and market sentiment suggests that the coin is likely to remain in a sideways range for the time being.
Ethereum had been trading between the 100-day and 200-day moving averages until recently, breaking through the 200-day line with a strong upward attempt. While this flow is typically interpreted as a *bullish signal*, in reality, the lack of active buying pressure has highlighted the market's insufficient momentum. Currently, Ethereum's price is trapped between the 200-day line and the psychological resistance level of $3,900 (about 54.21 million won), continuing *box range trading* without a clear directional shift.
On the 4-hour chart, Ethereum experienced strong selling pressure in the key selling resistance zone of $3,650~$3,710 (about 50.73~51.57 million won), pulling back to the $3,475 support line. This point is a *core support area* where multiple buying pressures have historically converged. While it has succeeded in a short-term rebound, the sharp decline in trading volume makes it difficult to guarantee further increases. At present, the next trend will likely be determined by whether it definitively breaks above $3,710 or if the lower support line collapses.
Investor sentiment analysis based on Binance liquidation data also fails to provide a clear signal amid short-term mixed conditions. Around $3,600 (about 50.04 million won), multiple liquidation points for leveraged positions are concentrated, which could induce a short-term 'short squeeze' and upward momentum if Ethereum's price approaches this area. Conversely, the large liquidity area below $3,475 could create another liquidation trigger, potentially accelerating a short-term decline.
Ultimately, Ethereum is engaged in an intense directional battle between key psychological and technical levels, and is expected to continue a limited movement in the $3,475~$3,710 (about 48.32~51.57 million won) range until a decisive breakthrough with volatility occurs. Investors need to carefully check major price indicators and position equilibrium data.
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