The cryptocurrency market has experienced a mixed start to the week, with Bitcoin approaching the $82,000 psychological level.
Ethereum, the second-largest cryptocurrency by market cap, has held steady above $2,300 despite persistent bearish signals across key metrics.
Derivatives data suggests a growing bearish bias in the market, with Ether's funding rates remaining negative and futures Open Interest slightly above 14 million ETH.
Despite this, Ethereum price analysis indicates that the bulls remain in control, with the price holding above the 20-, 50-, and 100-day Exponential Moving Averages (EMAs).
The Relative Strength Index (RSI) is around 60, and a Stochastic Oscillator reading in the mid-70s hints at firm but not yet extreme bullish momentum.
Technical analysis suggests that if the bulls remain in control, they would encounter initial resistance at the 100-day EMA and the horizontal barrier near $2,388. A close above this level would expose other resistance zones at $2,746 and then $3,411.