Ethereum Remains Range-Bound Between $1,548 and $1,599 with Key Support at $1,461

Ethereum (ETH) prices increased by over 3% in the past day, aligning with a bullish trend in the crypto market. However, on-chain data indicates a range-bound market, suggesting potential sideways movement.

Current Trading Range

  • Ethereum is trading between $1,548 and $1,599, according to Glassnode.
  • 1.53 million ETH (worth $2.4 billion) was acquired within this range, indicating strong investor interest.
  • 793,900 ETH purchased at $1,548 serves as a significant support level.
  • 732,400 ETH held at $1,599 acts as a resistance barrier.
  • Recent tests of these price zones have not resulted in breakouts or breakdowns.
  • The current market behavior reflects uncertainty due to macroeconomic conditions and liquidity tightening.

Support Levels

  • A critical support zone has formed at $1,461 with 380,000 ETH (valued at $595.8 million) acquired there.
  • A drop below this level could lead ETH to trade as low as $1,400 or $1,200.
  • Currently, Ethereum trades at $1,562, experiencing a 3.35% gain over the past 24 hours.
  • Recent losses include 14.56% and 18.45% declines in the last seven and thirty days, respectively.
  • Daily trading volume has decreased by 34.06%, signaling reduced market participation.