Ethereum Bulls Have Been Consistently on Top, but Still Can\'t Find the Strength to Surge High Enough for an ATH

No one can deny that 2024 has been extremely bullish for the overall market, especially after the long, painful crypto winter we had in 2022

The crypto market has seen a bull run in 2024, with Bitcoin leading the charge. But while everyone's been talking about BTC, ETH has been lagging behind.

Despite being heavily correlated with Bitcoin, Ether's price has remained stubbornly below its 2021 all-time high. While BTC soared to new ATHs, ETH failed to follow suit, leaving many traders wondering what's holding it back.

Well, let's take a closer look at the situation and try to understand the factors at play here.

The bullish bug seems to have skipped Ethereum entirely. While Bitcoin's price has soared to new all-time highs, Ether's price has remained stagnant, showing no signs of breaking its own 2021 ATH.

This is surprising, considering that BTC and ETH prices are usually closely linked, thanks to their market sentiments and movements being heavily interconnected. You'd expect Ether to break its 2021 all-time high after Bitcoin made a whole new one earlier this year.

On-chain signals have also been largely bullish for ETH, but the token has remained unmoved. Curiously enough, however, it hasn't corrected or consolidated nearly as much as Bitcoin.

While BTC soared to new highs and then slid down to relatively lower levels, slowly gathering strength for another push, ETH has managed to maintain the modest gains it has gotten.

On-chain data shows that 75% of holders are currently in profit, while only 6% are breaking even and 19% are at a loss. This provides a strong bullish bias for traders and investors.

According to the weekly data, exchange inflows fell a little short of outflows. Analysts usually consider this to be a bullish signal as it could indicate that people are accumulating and moving their holdings to private wallets for long-term holding.

But the short-term buying activity seems to have fizzled out a bit heading into the weekend. As you can see, the力はほとんどありませんs largely remained within a narrow range for the past few days.

While ETH bulls have managed to maintain the crucial $3,000 support level, they still haven't found the strength to surge high enough for an all-time high.

Let's do a quick technical analysis to understand the short-term price movements and try to predict what's next for ETH.

Taking a look at the technical indicators, we can see that ETH has managed to hold its ground above the immediate support level at press time. The price is hovering around $3,010, with the 50-hour MA at $3,003 and the 200-hour MA at $2,997.

The 50-hour MA is currently above the 200-hour MA, indicating a short-term bullish outlook. However, the price crossing below the 50-hour MA might suggest that the bulls are slowly losing their strength here.

The RSI is currently at 49, showing that neither the bulls nor the bears have a dominant control. Buying activity has reduced a little, and we could see a minor pullback before the week closes.

But if we look at the MACD, there is a slight bearish crossover, indicating that the bears might have much more underlying strength than the bulls.

However, the bears' strength has also been weakening, making for a very odd and complex situation. Let's see how it plays out.

If the price breaks above the immediate resistance level at $3,220 and sustains above it, we could see renewed bullish sentiment.

The next target will then be around $3,390, where more resistance might be encountered. Sustained buying pressure could push ETH towards higher levels, testing $3,500 and beyond.

On the other hand, if the price fails to break above the resistance and drops below the 50-hour MA, a decline towards $2,997 is likely.

Breaking below this support level could lead to a full-blown tumble, with potential targets at $2,900 and $2,800.

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