Ethereum is trading around $1,580 after declining from a recent high of $1,690
While there are indications of uncertainty in the cryptocurrency market, Ethereum’s price behavior reveals a more intense conflict between fundamental support and bearish pressure. ETH is currently struggling to reclaim its 100-hour Simple Moving Average (SMA), hovering just below a key resistance zone at $1,620.
Technical Analysis
Ethereum is currently holding around $1,580, facing strong resistance at $1,615. The level is closely aligned with the 50% Fibonacci retracement from the recent drop between the $1,690 and $1,538 levels.
If the momentum increases, a breakout over this level would open the door to $1,655, with additional upside objectives close to $1,700.
Source: Trading view
Bearish indications are still present, though. The Relative Strength Index (RSI) is below 50, indicating a lack of bullish confidence and poor purchasing demand, while the Moving Average Convergence Divergence (MACD) is still in the negative territory.
What Open Interesting is Signalling
Open interest (OI)—the total number of outstanding futures and options contracts—remains low, indicating reduced trader participation and speculative activity. Currently, at $16.7 billion, the metric is 48% below its peak of $32.3 billion witnessed on January 24.
