- Ethereum is hovering around the $4.4K range.
- ETH’s trading volume has surged by over 30%.
The 1.34% uptick in the crypto market cap has brought in mixed signals, resulting in the digital assets jumping between the red and green zones. The largest asset, Bitcoin (BTC), is attempting to move up, trading within the $114K range, while the latest altcoin, Ethereum (ETH), has briefly entered the bullish zone.
Will this bullish grip sustain to trigger more upside? ETH has registered a spike of over 2.94% in the last 24 hours. In the early hours, the asset traded at a low range of $4,301. With the bullish shift in the market, the price gradually climbed to a high of $4,450, breaking the resistance levels between $4,306 and $4,445.
At press time, Ethereum traded within the $4,440 mark, with a market cap of $534.58 billion. In addition, the daily trading volume has surged by over 30.42% to $41.34 billion. The Coinglass data reports that the market has experienced a liquidation of $73.37 million worth of ETH during this interval.
What is Next for Ethereum’s Price Action?
The bullish pressure of Ethereum might trigger the price to move up and find the initial resistance at the $4,446 range. Assuming the upside correction intensifies, the golden cross could take place and send the price toward $4,452. On the downside, if the bearish wave pops up, the Ethereum price could instantly retrace and test the support at around $4,434. An extended correction might initiate the death cross to unfold, driving the price toward the $4,428 level.
The Moving Average Convergence Divergence (MACD) line of Ethereum, which is settled above the signal line, is seen as a bullish sign. Also, this crossover may indicate a continuation of the uptrend. Besides, ETH’s Chaikin Money Flow (CMF) indicator, found at 0.12, suggests moderate buying pressure in the market. With the current value, the money is flowing into the asset.
Moreover, the daily Relative Strength Index (RSI) is at 61.53, signalling that the asset is in bullish territory and it may approach the overbought zone. Ethereum’s Bull Bear Power (BBP) reading of 136.03 implies that the bulls have control in the market, which pushes the price upward. Significantly, the value is relatively mild, not extreme.
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