Ethereum's recent price movements have been a rollercoaster, with bulls reclaiming dominance but buying pressure remaining weak. The cryptocurrency has seen a nearly 10% gain since the beginning of the month, but investors' holdings remain underwater, indicating a need for stronger buying pressure to lift prices further. Whales and retail wallets have shown varying activity, with whales experiencing modest inflows, while retail wallets have seen negligible changes. US spot ETH exchange-traded funds (ETFs) have posted four consecutive days of net inflows, but the total amount is not enough to spark a major upward price surge. The Coinbase Premium Index, a measure of US investor sentiment, has also retreated, indicating weak overall demand. Historically, elevated Coinbase Premium Index and spot ETH ETF inflows are necessary to drive significant price increases. On the derivatives side, open interest has remained flat, suggesting caution among leveraged traders. Ethereum's price is currently testing the 20-day EMA after a rejection at the 50-day EMA near $1,800. The near-term bias remains bearish, with the price holding below the 50- and 100-day EMAs. The immediate support is at the 20-day EMA at $1,714, with further floors at $1,524 and $1,404. A deeper slide would expose the longer-term base near $1,155. On the upside, initial resistance is the cluster formed by the 50-day EMA at $1,803 and the $1,806 horizontal line. A sustained break above this area would open the way toward $1,909 and the 100-day EMA at $1,965, with higher hurdles at $2,018 and $2,107. However, the technical analysis of this story was written with the help of an AI tool, which raises questions about the accuracy and reliability of the analysis.
