Ethereum (ETH) currently trades at $1,559.83, marking a 2.2% decline over the past 24 hours. The asset continues to struggle in regaining bullish momentum and breaking the crucial $2,000 barrier.
Despite attempts to push higher—briefly touching an intraday high of $1,621.53—Ethereum faced rejection near the key 20-day moving average resistance, currently positioned at $1,755.
BlackRock’s Significant ETH Move
Interestingly, while the price of Ethereum declined, institutional activity told a different story. BlackRock’s iShares Ethereum Trust (ETHA) recorded a substantial inflow of $6.43 million on Thursday.
However, this optimistic signal was overshadowed by broader market behavior. Newly approved spot Ethereum ETFs saw total outflows of $38.79 million, with the Fidelity Ethereum Fund (FETH) alone experiencing a significant withdrawal of $36 million.
This divergence between selective accumulation and widespread investor skepticism highlights the ongoing uncertainty surrounding Ethereum’s near to mid-term trajectory.
Although recent data shows a slight uptick in accumulation, the cryptocurrency’s performance this cycle has remained relatively muted.
Technical Analysis for Ethereum
A closer look at the charts reveals that ETH is currently trading just above the lower Bollinger Band support level at $1,436. This suggests the asset is in oversold territory. The middle band, situated near $1,801, aligns closely with the 20-day moving average, forming a critical resistance zone.
The Relative Strength Index (RSI) stands at 36.61—slightly above the oversold threshold of 30. This indicates weak bullish momentum but also hints at a potential bottom formation. In the short term, Ethereum may be building a base, especially if it can maintain support above $1,500.
It is worth noting that a break below the lower Bollinger Band support could lead to further downside, potentially testing the $1,350 support level.
Common Criticisms Facing Ethereum
As highlighted by Santiment, Ethereum is increasingly facing criticism from so-called "ETH killers." Key concerns raised by the blockchain analytics platform include:
- Layer-2 solutions potentially diluting Ethereum’s intrinsic value.
- Investor confusion due to complex upgrades like "The Merge" and "Shanghai."
- User frustration caused by slow updates and high gas fees.
- Greater regulatory uncertainty compared to Bitcoin.
- Competition from more attractive alternatives like Solana, Cardano, and Avalanche, diverting attention and capital.
- Lack of a clear investment narrative, unlike Bitcoin’s "digital gold" proposition or high-yield altcoins.
- Selling pressure from unlocked staked ETH.
Despite these valid concerns, Santiment notes that Ethereum remains the 7th most actively developed cryptocurrency project over the past month. This digital asset could be poised for a rebound and may even challenge all-time highs in the near future.
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Frequently Asked Questions
What is the current price of Ethereum?
Ethereum is trading at $1,559.83, down 2.2% in the last 24 hours. It faces resistance near the 20-day moving average around $1,755.
Why did Ethereum drop despite BlackRock’s inflow?
While BlackRock’s ETHA saw a $6.4 million inflow, overall spot Ethereum ETFs experienced net outflows of $38.79 million, indicating broader market caution outweighing isolated institutional interest.
Is Ethereum oversold?
With an RSI of 36.61, Ethereum is near oversold conditions but hasn’t entered deeply oversold territory. Holding above $1,500 could signal short-term stabilization.
What are the main criticisms against Ethereum?
Common critiques include high gas fees, regulatory challenges, competition from other blockchains, and the complexity of its major network upgrades.
Could Ethereum still rebound in 2025?
Yes, analysts like Santiment maintain a bullish long-term view, citing strong development activity and potential for new all-time highs despite recent price struggles.
Where can I monitor Ethereum’s key levels?
You can follow important support and resistance levels using technical analysis tools. Major supports are at $1,436 and $1,350, while resistance is near $1,755–$1,801.