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Ethereum sees over $500M net futures flows, recording bullish momentum as price tests key resistance levels.
Ethereum (ETH) is currently trading at $3,158, reflecting a 4.2% increase over the past 24 hours. The daily price range for Ethereum has remained between $2,941.77 and $3,171.62, showing a significant upward movement within a narrow price band.
Over the last week, Ethereum has gained 11.3%, and its 14-day performance indicates an 11.5% rise. ETH currently boasts a market cap of $381.18 billion and a circulating supply of 120.7 million ETH.
As Ethereum continues its upward trajectory, the focus is on its price action around the $3,150 mark. The recent price surge is showing signs of bullish continuation, as Ethereum tests higher resistance levels. Will ETH break through these key resistance points and push toward new highs?
Ethereum Price Analysis
The 1-day chart for Ethereum reveals a mixed technical outlook, as the price is currently testing key resistance around $3,200. The Ichimoku Cloud shows the price moving within a cloud range, with $3,093 acting as the immediate support, and $3,437.71 marking a higher resistance.
Ethereum 1 Day Price Chart
Ethereum is currently sitting at the lower edge of the cloud, and if it holds above $3,159.03, it may push toward the $3,437.71 resistance. However, any drop below $3,037.19 could trigger a move toward the cloud’s lower boundary, which suggests $3,037 as the next significant support level.
Additionally, the conversion line sits at $2,980, while the baseline is at $3,093. If the conversion line crosses above the baseline, it would be typically seen as a bullish signal.
Meanwhile, the MACD shows a bullish signal, with the histogram turning positive and the MACD line crossing above the signal line, indicating growing upward momentum. However, the RSI is at 47.33, which remains in the neutral zone, signaling that Ethereum is neither overbought nor oversold.
This neutral RSI reading suggests that while the price is experiencing upward movement, there is still room for further price action before encountering significant resistance.
Ethereum Futures Flows
Elsewhere, Ethereum’s 12-hour liquidity data shows a substantial net inflow of $512.38M, driven by $6.76B in inflows and $6.24B in outflows, resulting in a +275.88% change. This surge in inflows indicates that there was strong buying pressure over the 12 hours.
Ethereum Liquidity Chart
Looking at the 24-hour data, Ethereum experienced $20.42B in inflows and $20.20B in outflows, resulting in a net inflow of $221.05M, which is a +1217.65% change. While the total amount of inflows and outflows is large, the net inflow shows that Ethereum still has more buyers than sellers.
The 3-day data reveals a net inflow of $205.25M, with $29.16B in inflows and $28.96B in outflows. However, this data shows a -41.00% change, reflecting a decrease in the rate of net inflows compared to the shorter time periods.
