• Ethereum holds $4,200 support as short-term momentum remains weak, with investors watching for potential pullbacks.
• A Metalpha-linked wallet moved 11,500 ETH (~$49M) to Binance, signaling possible market rebalancing.
• Analysts suggest ETH could drop to $3,800–$3,900 before finding stronger buying interest.

Ethereum is showing cautious action after recent large moves on big platforms that were attention-grabbing. Even though the ETH remains above key support levels, a higher advance is fragile, and intraday price actions are in close focus. Investors are monitoring points of potential reversals and stabilizations before a recovery.

Ethereum (ETH) is currently trading at $4,316.69 with a 24-hour trading volume of $34.03 billion and a market capitalization of $521.05 billion. The cryptocurrency recorded a modest gain of 0.41% over the past 24 hours, reflecting cautious market activity.

Metalpha Wallet Moves $49M ETH to Binance

Data from Lookonchain revealed a Metalpha-related wallet withdrew 11,500 ETH, or around $49.34 million, from the Aave lending platform in recent days and transferred it to Binance. This sort of big transfer usually generates a feeling of excitement, as it usually represents selling or rebalancing moves within the marketplace.

Ethereum Faces Uncertainty Amid Weak Momentum

A well-known crypto analyst, Ted, noted that Ethereum remains above its support line of $4,200. However, Ethereum’s price action appears weak, with every slight increase encountering selling pressure.

Analysts are monitoring Ethereum as it may potentially test the support area of $3,800–$3,900 later this month. When it reaches this level, it might receive stronger support, potentially leading to a bounce.

Technical analysts are monitoring buying and selling, and trading volumes, in order to make a judgment on whether or not ETH could make a recovery within the weeks ahead. Owing to continuous developments and big wallet trading, Ethereum’s near-term outlook remains shaky, and investors are left waiting and observing the next significant price movement.

Also Read | Ethereum Whale Moves $645 Million: Could ETH Break Out Against Bitcoin

Ethereum Shows Strong Momentum as Indicators Signal Strength

The RSI stands at 65.35, fairly above its signal line of 62.74. ETH, therefore, is gaining strength but hasn’t crossed into the overbought region yet. The steady increase in RSI shows that buying pressure is dominant, and the coin stands a chance of posting additional upside on sustained momentum. A breakout above 70 is a sign of heightened bullish momentum.

The MACD remains on the bulls’ side, with the lead line at 520.62 staying above the indicator line at 361.19. The histogram remains positive at 159.43, though moderately cooling down. ETH’s momentum remains strong, but could slow down if buying momentum falls.

Also Read | Ethereum ETFs Experience 4 Days of Outflows; Optimism Remains Strong