Ethereum, ranked second by market capitalization after Bitcoin, was recently seen diverging from its prolonged bearish trend. A persistent downtrend had been observed for months, resulting in a decline toward the $1500 level. However, a breakout was recorded, triggering a sharp and accelerated upward movement.
Ethereum’s Ongoing Market Movement Analyzed
Based on the latest data provided by CoinMarketCap at the time of reporting, Ethereum’s price was recorded to have opened at $2542.76. Within the same session, a low of $2505 and a peak of $2696 were reported over the past 24 hours. Currently, the asset is being traded above its daily low, crossing the $2500 mark while an attempt is being made to revisit its intraday high.
As per market data available at the time of reporting, Ethereum was being traded at $2,550.69, reflecting a 4.35% decline over the past 24 hours. Its market capitalization was recorded at $307.93 billion, mirroring the same percentage drop. Meanwhile, the trading volume was reported at $24.92 billion, indicating a 10.57% decrease during the same timeframe.
The volume-to-market-cap ratio over the past 24 hours was recorded at 8.56%, reflecting heightened trading engagement. An intraday decline was observed as the price moved from $2,698.80 down to $2,550.69, demonstrating a consistent downward trajectory throughout the day with no significant rebound noted.
Ethereum Technical Outlook: Insights from MACD and RSI
A one-day TradingView chart has displayed that the ETH/USD pair has been moving in favor of buyers, with indications suggesting that the bullish momentum may persist. Between late 2024 and early April 2025, a prolonged downtrend was experienced by ETH, as evidenced by the descending regression channel.
During this downward phase, Ethereum was driven from levels exceeding $4,000 to a low approaching $1,600. The breakout above the upper boundary of the channel in mid-April was seen as the conclusion of the bearish trend and the initiation of a bullish reversal.
This shift in trend has been supported by the Relative Strength Index (RSI). The indicator was noted to begin the month in oversold territory, then gradually rose through May, surpassing the 80 mark. It is currently recorded at 63.87, down from a previous 71.62, suggesting a slight cooling in momentum, though it remains in bullish territory above 50. Confirmation of the reversal has also been provided by the MACD (Moving Average Convergence Divergence), with the MACD line holding above the signal line, recorded at 172.66 and 185.42 respectively.
Despite the histogram showing a slight negative value at -12.76, indicating short-term consolidation, the broader outlook is viewed as positive. The combination of the breakout from the descending channel, continued strength in the RSI, and a MACD that remains in positive territory collectively suggest that ETH could maintain its upward trajectory, even amid minor pullbacks.
