Ethereum has been performing well recently, maintaining a price around 3136 USDT. Although there has been quite a bit of volatility in the past two days, the bulls are still holding their ground at the key resistance level. However, caution is advised as there are short-term risks.

Looking at the data makes it clear. The 24-hour trading volume reached 143,553 ETH, roughly equivalent to over $440 million USD. The price has fluctuated between 3054 and 3184 USDT, with an overall decline of 1.31%. The Fear and Greed Index is only at 27, still in the fear zone, indicating that market sentiment remains quite cautious.

From a technical perspective, this is interesting. In the short term, the price is indeed in an upward trend, supported by moving averages such as MA5, MA10, MA20, and MA50. The MACD has shown a bullish crossover, indicating increasing buying momentum. On the 15-minute chart, the RSI is at 60, which is neutral leaning towards bullish. But note—on the daily chart, the RSI has already surged to 100, signaling overbought conditions. Caution is needed for a potential pullback.

The Bollinger Bands show the price near the upper band, which often suggests a possible pullback. However, recent candlesticks indicate that price and volume are rising in sync, confirming that the upward momentum is still intact.

Regarding market sentiment, retail traders are currently focusing on opportunities related to the Ethereum ETF in 2025 and DeFi tokens, which are the hot topics right now. Overall, the bulls are still strong, but some technical signals suggest it’s wise to stay alert.