The 30-minute chart for $ETH perpetual contract on Binance suggests a period of short-term consolidation following a noticeable downtrend. The price action, hovering around the $3,031 mark, indicates a struggle for momentum after the prior session's drop to a $2,978 low. 📉
Moving Averages (MAs) are tightly intertwined, reflecting this indecisive phase as traders re-evaluate positions, particularly evidenced by the Longs/Shorts data. A breakdown or breakout from this tight range will set the immediate directional bias. Traders should watch the $3,040 resistance and $3,000 psychological support closely. 👀
Globally, Ethereum remains the second-largest cryptocurrency, boasting a robust live market capitalization estimated near $366 billion USD today. 💰 This colossal market cap highlights its foundational role in the decentralized finance (DeFi) and NFT space. Despite the recent price volatility, ETH's underlying network fundamentals and upcoming developments continue to fuel long-term bullish sentiment. 🚀
