Key Takeaways
- ETH rose nearly 2% in the past 24 hours and is currently trading above $3,600.
- Technical indicators show signs of weakness, suggesting the token may be leaning bearish.
ETH Holds Above $3,600 as BTC Pulls Back
The cryptocurrency market has been volatile over the last few hours, with Bitcoin retreating from recent levels. If selling pressure continues, Bitcoin could drop by roughly 2% and test lower support near $115k.
Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, has remained in positive territory after gaining more than 2% in the past hour, pushing prices above the $3,600 mark.
Despite the near-term strength, several technical indicators are showing signs of weakening, which could lead to a corrective move. Still, higher timeframe charts maintain a bullish bias, indicating that buyers remain in control overall.
Bearish Momentum Could Push ETH Toward $3,000 If Selling Intensifies
On the 4-hour ETH/USD chart, the trend remains bullish as Ethereum has outperformed Bitcoin and several other major cryptocurrencies. Price action looks orderly, suggesting ETH may be preparing for another upside attempt.
However, lower-timeframe indicators have turned more bearish, signaling that a pullback could be imminent. ETH failed to hold support near the daily $3,730 level and briefly slipped below $3,600.
The price has since recovered above $3,600, but if Ethereum closes a daily candle below $3,500, it could trigger a deeper correction that tests the $3,000 psychological level.
The relative strength index (RSI) sits around 49, indicating bulls are losing momentum and that bullish pressure is waning.
Additionally, the MACD histogram is narrowing and the green bars are shrinking, both classic signals that bearish pressure is building.
On the upside, if ETH manages to close the daily candle above $3,500, buyers could reassert control and push prices higher in the short term. A successful move could see Ethereum retest resistance around $3,730 and then target the $4,000 psychological level in the hours or days ahead.