Ethereum, the second-largest cryptocurrency by market capitalization after Bitcoin, recently broke away from its prolonged bearish trend. It had faced a persistent downtrend for months, pushing the price toward the $1,500 level. However, the breakout triggered a sharp and accelerated upward movement.
Ethereum’s Ongoing Market Movement Analyzed
According to the latest data from CoinMarketCap at the time of reporting, Ethereum opened at $2,542.76. During the same session, it traded between a low of $2,505 and a high of $2,696 over the past 24 hours. The asset is currently trading above its daily low, crossing the $2,500 mark as it attempts to revisit its intraday high.
According to market data at the time of reporting, Ethereum traded at $2,550.69, marking a 4.35% decline over the past 24 hours. Its market capitalization stood at $307.93 billion, reflecting the same percentage drop. Meanwhile, trading volume reached $24.92 billion, showing a 10.57% decrease during the same period.
The volume-to-market-cap ratio over the past 24 hours reached 8.56%, reflecting heightened trading activity. During the day, the price declined from $2,698.80 to $2,550.69, following a steady downward trajectory without any significant rebound.
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, ETH underwent a prolonged downtrend, as shown by the descending regression channel.
During this downward phase, Ethereum fell from levels above $4,000 to a low near $1,600. Many viewed the breakout above the channel’s upper boundary in mid-April as the end of the bearish trend and the start of a bullish reversal.
The Relative Strength Index (RSI) supports this trend shift. The indicator began the month in oversold territory and gradually climbed through May, surpassing the 80 mark. It now sits at 63.87, down from 71.62, indicating a slight cooling in momentum while still signaling bullish strength above the 50 level. 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.
Although the histogram shows a slight negative value at -12.76, signaling short-term consolidation, analysts maintain a positive broader outlook. 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.
