Frax Ether (FRXETH) is currently trading at $2,936.61, reflecting a notable 5.276% increase over the past 24 hours. The daily range has been significant, with a high of $2,939.94 and a low of $2,739.27, indicating heightened volatility and trader interest.

The trading volume stands at 629,603, which corresponds to a volume-to-market cap ratio of 0.21%. This relatively low volume compared to market cap suggests that while recent price movements are strong, the market may lack depth, making it susceptible to rapid changes in sentiment.

Technical indicators show that the short-term moving averages (8 SMA and 13 SMA) are both trending positively, indicating bullish momentum with gains of around 4.94% and 4.96%, respectively. However, the 1-hour RSI is at 73, signaling that FRXETH may be overbought in the short term, while the 7-day RSI at 47 indicates a neutral trend, suggesting potential consolidation ahead.

Over the last 7 days, FRXETH has seen a decline of approximately 2.69%, with a more substantial drop of about 15.73% over the past 14 days and 24.66% over the past month. These longer-term negative price trends contrast with the recent short-term gains and highlight the potential for further retracement if upward momentum does not sustain.

The all-time high for FRXETH remains at $4,906.89, reached on August 24, 2025, representing significant upside potential if the asset can regain bullish momentum. However, the current price is still about 40% below this peak, indicating that the asset is currently undervalued relative to its historical performance.

In conclusion, the current bullish price action coupled with the overbought short-term RSI suggests a cautious approach. Therefore, I recommend a Hold rating, as market participants may want to wait for consolidation or a dip before considering entry points for longer-term positions.