Ethereum Technical Outlook Signals Potential Move Towards $3700 Resistance

Ethereum is experiencing indecision in the markets due to a lack of clear price direction. There has been conflicting sentiment in the latest staking patterns, as well as redemption, among investors. Investors advise holding off until a clearer chart is visible.

Bitmine Stakes, SharpLink Redeems ETH

Current on-chain activity has registered some interesting transactions. According to the data from Lookonchain, Tom Lee’s Bitmine recently staked 74,880 ETH, worth $219.2 million, only an hour ago, to express its continued trust in Ethereum. Also, SharpLink Gaming redeemed 35,627 ETH, valued at $104.4 million, only four hours ago.

Ethereum Trend Remains Unclear Today

Crypto analyst CRYPTOWZRD pointed out that Ethereum’s daily technical analysis situation is not clear at current levels. “ETH finished today’s session with no clear sense of direction,” said the analyst. Indeed, we will have to await more defined market conditions to establish specific short-term trade setups. It’s only natural to remain grounded as we approach the weekend.

Source: X

Observing the charts, there is no clear trend in the ETH or ETHBTC candles for the day. For the week, the charts for the ETFs and CME also demonstrate a mixed trend.

At the time of writing, ETH is trading at $2,928, with a 24-hour trading volume of $24.19 billion and a market capitalization of $353.76 billion. Over the last 24 hours, ETH has dipped slightly by 0.94%, reflecting a cautious sentiment in the market.

Source: CoinMarketCap

The analyst further added, Whether Ethereum goes up or down will also be determined by whether or not Bitcoin goes in a certain direction. For now, ETH is trading close to $2,800. It will likely move towards $3,700 if it goes up.

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Ethereum Intraday Signals Potential Moves

Intraday analysis reveals that ETH is trading in a tight range. The cryptocurrency can see further downtrends if it goes below $2,880, whereas breaking past $3,060 may bring opportunities to move forward. Investors should wait until a proper pattern emerges to make further decisions.

Overall, Ethereum’s performance on the markets is quite cautious, with investors closely watching both short-term trends as well as overall trends for Bitcoin. The coming few days will prove crucial for ETH to regain strength or start consolidating around its support levels.

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