Ethereum Stuck in Neutral as Bulls and Bears Weigh In

Ethereum is currently trading at $2,695.91, and its price action has been stalled for some time. The bulls are heavily positioned long, with smart money aligned above the pivot point of $2,690.41.

However, the momentum indicator MACD has flatlined, indicating that the buyers who drove ETH off the 50-day SMA at $2,500 have temporarily exhausted their edge.

The Bollinger Band picture is constructive, with ETH comfortably in the upper half of its range without being dangerously stretched. The upper band at $2,849.71 remains achievable.

The critical gate for Ethereum's price movement is currently set at $2,710.90, a strong resistance level that would need to be broken for the asset to reach new highs.