Ethereum Faces Bearish Sentiment Despite Recent Price Bump

A closer look at Ethereum’s recent price action reveals a predominantly bearish trend despite a slight uptick in the past 24 hours.

Ethereum’s Price Action Dominated by Bears

Ethereum (ETH) has risen by nearly 3% in the past 24 hours as sellers paused yesterday. However, the past week was negative for ETH, with losses of 9.7%. A CryptoQuant graph indicates that Ethereum bears dominate the price action, as reflected by funding rates. Funding rates measure financing fees traders pay to keep positions open. When the difference between funding rates is positive, it indicates a bullish sentiment. Currently, this is not the case for Ethereum.

Ethereum Price Forecast: ETH Eyes Q2 Recovery

Ethereum (ETH) is up 5% on Tuesday as it begins Q2 on a positive note. Following its worst Q1 performance, ETH eyes a recovery in Q2. The top altcoin could rebound due to its recent dominance in decentralized exchange (DEX) trading volume and the upcoming Pectra mainnet upgrade. In March, Ethereum flipped Solana for DEX trading volume following a decline in memecoin activity. A Derive executive notes that the Pectra upgrade could help fuel a potential ETH rebound by the end of Q2. However, ETH failed to validate a rounding top pattern after bouncing off the $1,800 support level.

Ethereum gets a privacy boost: Vitalik demos revolutionary ‘privacy pools’!

Ethereum has welcomed a new on-chain privacy feature called Privacy Pools, which offers users privacy and safety from illicit funds. Picture this: you wish to donate or send payments on-chain without recipients or unwanted parties checking your identity and balance on your wallet address. Privacy Pools achieves this level of privacy while keeping away funds from illicit sources like Lazarus Group. Oxbow, the firm behind the Privacy Pools protocol, noted that ETH users can now achieve on-chain privacy while dissociating from illicit funds.

Ethereum Price Approaches Resistance

Ethereum price started a recovery wave above the $1,850 level and is now consolidating NEAR the $1,920 resistance. The price is trading above $1,860 and the 100-hourly Simple Moving Average, with a connecting bullish trend line forming on the hourly chart. To start a decent increase, the pair must clear the $1,900 and $1,920 resistance levels.