Ethereum Updates: Bulls Eye $3,468 Amid Emerging Bearish Signals

Ethereum Eyes Recovery Amid Mixed Technical Signals

On Thursday, Ethereum began to show early indications of a possible recovery, as technical analysis pointed to a weakening bearish trend and a cautious sense of optimism among traders. After enduring several weeks of downward pressure, the cryptocurrency managed to stay above the $3,000 mark. Notably, its Relative Strength Index (RSI) climbed to 41, moving up from previously oversold territory, which may suggest a shift in market momentum.

Adding to the positive sentiment, the MACD indicator flashed a bullish signal on Wednesday, encouraging some investors to take on more risk. However, the presence of two Death Cross formations on the daily chart highlighted that bearish risks have not yet disappeared. A Death Cross, which occurs when a short-term moving average falls below a long-term moving average, is typically viewed as a sign of ongoing downward trends. For Ethereum to strengthen its bullish outlook, buyers would need to push the price back above the 50-day Exponential Moving Average (EMA) at $3,468.

Market Sentiment and Bitcoin ETF Impact

The overall crypto market also showed signs of cautious optimism. Investors in BlackRock’s spot Bitcoin ETF returned to profitability after Bitcoin surpassed $90,000, with total unrealized gains reaching $3.2 billion on Wednesday. This turnaround from a previous low of $630 million in outflows during mid-November indicates that ETF inflows may stabilize as the market recovers. Bitcoin ETFs, such as BlackRock’s IBIT, have played a crucial role in driving gains for 2025, contributing significantly to the asset’s year-to-date performance.

Key Challenges for Ethereum and Other Cryptos

Despite these encouraging signals, Ethereum still faces significant obstacles. Its price remains limited by a declining 50-day EMA and a major resistance point at $3,468. Analysts emphasize that for a confirmed bullish reversal, Ethereum would need to maintain a position above the MACD’s zero line and see continued growth in the green histogram. In contrast, XRP has been trading sideways with little momentum, staying below the $2.30 threshold.

Sentiment Remains Cautious

According to the BitDegree Fear and Greed Index, market sentiment was still firmly in the “Fear” category, registering a score of 28 on November 29, slightly higher than the previous day’s 25. This index, which measures factors such as volatility, social media activity, and Bitcoin’s market dominance, reflects the ongoing caution among crypto investors. Both institutional and retail participants continue to navigate an environment shaped by regulatory uncertainty and broader economic volatility.

Outlook: Balancing Technicals and Sentiment

The current situation for Ethereum is shaped by a complex mix of technical indicators and sentiment metrics. While the RSI and MACD suggest the potential for a rebound, persistent bearish patterns like the Death Cross and a downward EMA trend call for vigilance. For Ethereum to maintain its recovery, bulls must reclaim important moving averages and demonstrate that the bearish narrative has lost its hold on the market.