Coming off the high of spot ETF hype, Ethereum's [ETH] rally seems to be slowing down by the minute.
Overall sentiment and technical indicators suggest that the consolidation phase has already begun.rally seems to be slowing down by the minute. What was an increase of 17% last week has turned to less than 1% this week. Is the world’s second-largest cryptocurrency at risk of consolidating?presents a mixed sentiment, potentially indicating a slowdown in Ethereum’s rally. The increased trading volume by 10.32% and open interest by 1.19% shows that traders are still quite active with ETH.
The ETH/USDt chart shows an incoming consolidation even more. After peaking around $3,980, Ethereum faced resistance and has since formed a consolidation pattern, generally fluctuating between $3,770 and $3,900.The Relative Strength Index currently reads at 51.43, indicating a neutral momentum that aligns with the ongoing price consolidation.
This suggests neither overbought nor oversold conditions, providing no strong bias towards either bullish or bearish momentum in the near term. From a technical analysis perspective, the key support level to watch is around $3,770, marked by several touches over the past few days, which have prevented further declines.Meanwhile, a notable peak in social dominance suggests a recent surge in discussions or interest around Ethereum, which is clearly driven by the ETF hype.The moving averages, however, show a downward trend in the long term, predicting an overall decreased interest level in Ethereum.
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