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- Price Analysis: Ethereum’s price rise is limited due to weak technical indicators:
Ethereum is trading at $1,688, maintaining a short-term downtrend as the price remains far below the 50-day, 100-day, and 200-day exponential moving averages (EMAs) at $2,000, $2,148, and $2,405 respectively.
The Moving Average Convergence Divergence (MACD) chart is still in the negative zone on the daily chart, while the Relative Strength Index (RSI) hovers just above 30, indicating continued bearish pressure despite the latest attempt to stabilize from oversold conditions.
Daily chart for the ETH/USDT pair
On the bullish side, the first resistance lies at the 50-day exponential moving average near $2,000, followed by the 100-day exponential moving average around $2,148, then the farther 200-day exponential moving average near $2,405, where sellers are likely to defend the overall downtrend. As for the bearish side, the next prominent structural support level appears at the SuperTrend line near $1,849. Failure to reclaim the aforementioned exponential moving averages will cap upside moves and make the pair vulnerable to renewed selling before any significant price base forms.
$ETH
The average number of active addresses conducting send and receive transactions on the Ethereum protocol was 480,000 addresses on Thursday, down from about 554,000 addresses, indicating a slowdown in activity on the network. This decline is part of a broader period of calm, with the average number of active addresses at 678,000 in late May and 738,000 on April 25.
If Ethereum's recovery stabilizes while active addresses weaken, this divergence will suggest that momentum remains uncertain through on-chain demand, which could lead to a sudden correction.
Ethereum Active Addresses | Source: Crypto Quant
The derivatives market reflects weak demand for the blockchain, as evidenced by the open interest in futures contracts, which settled at $22.98 billion on Friday, down from $24.40 billion on Monday and $30.95 billion on June 1. Continued selling in derivatives indicates that investors are not convinced that Ethereum can sustain its recovery and are reluctant to increase their exposure to risk.
Ethereum OI | Source: CoinGlass
Meanwhile, Ethereum spot ETF funds continued their third consecutive day of decline, with total outflows reaching $16 million on Thursday.
Data from SoSoValue shows outflows of nearly $41 million on Tuesday and about $36 million on Wednesday, weakening appetite for risk in related digital investment products. The average cumulative inflows amount to $11.19 million, while the net assets stand at $9.24 million. $ETH