Ethereum dropped 3.3% over the past 48 hours, but the technical setup suggests bulls have regained their footing. The token bounced off $382 support and now trades above $390, a level that matters for
Ethereum dropped 3.3% over the past 48 hours, but the technical setup suggests bulls have regained their footing. The token bounced off $382 support and now trades above $390, a level that matters for near-term momentum. Most altcoins have moved in the same direction, but Ethereum's chart tells a more hopeful story.
Glassnode's data on Ethereum's realized price—the average value of all ETH at the moment each coin last transacted—reveals something worth attention. This metric hit $246 this week, its highest point since January 2019. The jump of 21% since April shows accumulation at rising prices. When coins move hands at higher valuations, it signals buyers are willing to bid them up.
The recent breakdown caught traders off guard. Ethereum fell from around $405 where bulls had staked out support, dropping to $382. That loss of support threatened to unravel the short-term picture. The recovery that followed matters because holding $390 keeps the bulls in charge.
The 23.6% Fibonacci retracement from the $411 peak down to $382 puts that $390 zone squarely in play. If buyers defend this level, the next target sits at the 50% retracement point, with $395 as the immediate hurdle ahead.
The hourly indicators tell a different story. The MACD and RSI show fatigue, meaning bulls cannot coast to higher prices without new buying pressure. Breaking through the 100-period simple moving average requires conviction. Clearing $420 becomes possible if the bid shows up.
The longer-term picture offers hope. Ethereum has been trapped in a descending triangle, and a sustained bounce off the trendline could trigger a breakout. The other path leads lower. A rejection at current prices sends the token down to $385, and if that level breaks, bears take over with a clear run to $368.
