“Consolidation in Ethereum as market remains uncertain due to hype surrounding ETF”

Is the second biggest cyrptocurrency, Ethereum, experiencing a phase of consolidation as its rally slows down to a minimal increase of less than 1% this week after a 17% surge last week, following the initial hype of spot ETF?

The data for Ethereum derivatives shows a combination of attitudes, hinting at a possible decrease in the surge. However, the levels of trading and open interest have gone up, signaling ongoing engagement from traders.

The long/short ratios suggest that there are more long positions, showing that traders remain hopeful about Ethereum’s prospects even amidst the present market circumstances.

Although optimism continues to prevail, Ethereum’s liquidation trend implies a rise in market apprehension, which may result in a period of temporary stabilization similar to that of Bitcoin earlier this year.

The chart for ETH/USDt appears to show a consolidation pattern where there is a resistance level of $3,980 and a support level of $3,770. This suggests that the price range is becoming narrower.

The RSI at 51.43 suggests neutral momentum, in line with the continuous consolidation pattern. Based on technical analysis, crucial support is located at $3,770 while resistance can be seen at $4,000.

In recent times, social dominance has risen because of more conversations regarding Ethereum in relation to the hype around ETFs. The moving averages show a downward trend, indicating a decline in overall interest towards Ethereum.

Ethereum is currently in a state of consolidation, rather than being at risk of a downturn.

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