Could a Historic ETH Rally Be About to Unfold?

• Ethereum has surged by over 10%, now hovering at $4.7K.
• ETH’s daily trading volume has jumped more than 143%.

The ongoing bullish correction in the crypto market has been sending green flashlights across the assets. With a 4.41% uptick, the market cap has risen to the $4.01 trillion mark. The largest asset, Bitcoin (BTC), has escaped from the bear trap, trading on the upside. Meanwhile, the largest altcoin, Ethereum (ETH), followed suit, with a steady 10.20% surge. 

The altcoin’s solid positive trend nullified the bearish pressure, and withstanding this bullish trajectory is crucial to remain within the green zone. ETH has attempted a series of corrections and ended up in recovery, close to the all-time high. In the early hours, Ethereum traded at a low of $4,209. After testing the crucial resistance zones between $4,215 and $4,878, the price moved up to a high of $4,884.

At the time of writing, Ethereum traded at around $4,740, with the market cap reaching $572.9 billion. In addition, the daily trading volume has skyrocketed by over 143%, touching the $81.06 billion mark. As reported by the Coinglass data, the market has experienced an event of $388.01 million worth of Ethereum liquidated during this interval. 

Can Ethereum Sustain Its Rally?

The ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line is above the signal line, which indicates bullish momentum. The price could continue to move upward. Besides, Ethereum’s Chaikin Money Flow (CMF) indicator, found at 0.23, is positive. This value suggests that the buying pressure outweighs the selling pressure, with moderate accumulation, not extremely strong but clearly bullish.

With the active upside correction persisting, the Ethereum price could climb to the $4,747 resistance. As the bulls gain enough strength, they trigger the golden cross to unfold, sending the price toward $4,754. Assuming a bearish reversal of ETH, the price might fall back to the support at $4,733. Upon a failure to hold this level, the downside correction initiates the death cross to form and drive to a low of $4,726. 

Ethereum’s Bull Bear Power (BBP) reading of 390.75 signals that the bulls have strong control. Notably, it is likely pushing the price above. The larger the absolute value, the stronger the momentum is. Moreover, the daily Relative Strength Index (RSI) settled at around 66.61, pointing to the bullish sentiment. It might approach the overbought zone soon if the value keeps rising.

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