Recent data shows ETH continued to trade within the short-term range. Having a bullish bias on the higher timeframe price charts, and whales are accumulating at a faster pace. This accumulation could continue for some more time, which could hinder attempts to break out in either direction.
ETH has witnessed a decline of momentum on its network over the past two-three weeks. Its 12-hour RSI showed a reading of 52, which signaled bullishness. However, despite the buying volume in the past ten days, the OBV could not embark on an uptrend.
ETH is showing a 76.9% retracement level which indicates a good momentum is coming from the buyers. But the lack of demand in short term meant Ethereum bulls could take time to catch their breath before attempting the next rally.
As of now, at the time of writing this article, ETH is trading around $3,520 with a dip of 3.18% in the past 24 hours and has a market capitalization of $421 Billion.