- Ethereum currently trades within the $3.5K mark.
- The ETH market saw a liquidation of $74.30 million.
The bear trap within the crypto market is just fluctuating in terms of intensity, not fading away. With the fear sentiment flourishing across the assets, the largest asset, Bitcoin (BTC), is currently hovering at around $105K. Meanwhile, Ethereum (ETH), the largest altcoin, Ethereum (ETH), seems like attempting a recovery. The asset has registered a modest loss of over 1.21%.
The ETH price continues to battle to climb higher above $3.5K but is facing rejections and slipping back to its former lows. The asset has opened the day trading at a low of $3,508.99. Later, it moved up to a high of $3,644.53 with the brief bullish pressure. As of this writing, Ethereum traded at $3,571.08.
Besides, the asset’s market cap is resting at $430.25 billion, with its daily trading volume surging by over 15.91%, reaching the $38.1 billion mark. According to the Coinglass data, the market has observed an event of liquidation of $74.30 million worth of Ethereum during the last 24 hours.
What Lies Ahead for Ethereum in the Market?
Ethereum’s Moving Average Convergence Divergence line is briefly above the signal line. It indicates a bullish momentum, which is weak, and the price may not sustain a strong upward move unless the MACD continues to stay above. In addition, the Chaikin Money Flow (CMF) indicator is stationed at 0.07. It suggests a slight buying pressure in the ETH market. With the positive value, the money is likely flowing into the asset, showing mild accumulation.
The daily Relative Strength Index (RSI) of ETH found at 56.53 implies mild to moderate bullish momentum. It is neither overbought nor oversold and has enough room to move in either direction. Furthermore, Ethereum’s Bull Bear Power (BBP) value of 35.95 signals moderate bullish strength. The buyers currently have more control than the sellers. Notably, the higher the number, the stronger the bullish momentum.
If the ETH/USDT trading pair’s price chart turns highly bullish, the price could climb high to the crucial resistance at $3,577. With a considerable strength of bulls, the altcoin might trigger the price above the $3,583 range. Conversely, assuming a bearish reversal, the Ethereum price might test the immediate support range at around $3,565. An extended downside correction could break the price level even lower to the $3,559 mark.