Ethereum price analysis (Bullish) — 3384.94 USDT (+1.40% 24h)

Ethereum is showing intriguing technical positioning at the $3,385 level, with the current price trading just below the 20-day SMA at $3,413 but holding above the critical 50-day SMA at $3,387. The RSI reading of 37 suggests ETH is approaching oversold territory, potentially setting up for a near-term bounce. Despite the modest 1.4% gain over the past 24 hours, the substantial $2.1 billion trading volume indicates strong institutional interest at these levels. The 4.1% volatility reading suggests relatively stable price action compared to recent sessions. Traders should watch for a decisive break above the 20-day SMA, which could trigger momentum toward the $3,500 resistance zone. Current positioning favors accumulation on any dips toward $3,350, with tight stops below the 50-day SMA. The convergence of moving averages suggests we’re approaching a significant directional move – likely upward given the oversold RSI conditions.