- Ethereum holds its ground near the $4.3K level.
- Over $154.13M worth of ETH has been liquidated from the market.
The 3.93% gain within the crypto market cap has led it to hit $4.07 trillion. Notably, it resulted in a bounce from the red zone to the green zone. The largest asset, Bitcoin (BTC), is trading on the upside at around $118.4K. Will the potential bulls tighten the grip and kickstart a stronger rally soon?
Meanwhile, the largest altcoin, Ethereum (ETH), also followed suit, with a 5.78% jump in the last 24 hours. ETH opened the day trading at the bottom range of $4,125, and with the bulls in command, the ETH price rose to a high of $4,399 after smashing through the resistance between $4,130 and $4,394 zones.
As of now, Ethereum traded at around the $4,379 mark, with the daily trading volume having surged by over 37.88%, reaching $50.65 billion. The Coinglass data has reported that the market has witnessed an event of $154.13 million worth of Ethereum liquidated in this interval.
Besides, the Ali chart analysis shows that the Ethereum bar at $4,505 represents a significant concentration of ETH held at that price. Many investors bought around this level, which currently acts as a key resistance. If ETH breaks and holds above $4,505, it could signal a strong bullish continuation.
Ethereum’s Next Move: Bull Zone or Pullback?
On the four-hour technical chart of ETH, the MACD line is found above the signal line, indicating bullish momentum. The price could continue to rise upward. In addition, the CMF indicator at 0.23 is positive, suggesting a strong buying pressure in the market. This hints at accumulation, showing capital injection into the asset. The asset holds strong value, and if sustained, this bullish momentum may continue the uptrend.
This trading pattern shows bullish momentum, suggesting a possible reversal from the recent downtrend. Strong green candlesticks have appeared, reflecting a surge in buying pressure. Buyers have strongly defended the $4,283 zone, which has triggered the rally. If the Ethereum bulls break above the $4.4K mark, the broader uptrend could continue and hit new highs.
Moreover, the RSI value of 73.08 signals the asset’s overbought zone, giving a strong bullish momentum and buying pressure. However, it holds a risk of a pullback or correction. ETH’s BBP reading of 219.29 points to a strong bullish dominance in the market, likely pushing the price higher. Furthermore, there is a chance of a potential continuation of the ongoing uptrend.
After the ruling of bears, a bounce has occurred, and it is expected to shift the momentum widely bullish. Assuming it fails to hold the current price range, bears may enter and pull it back to its former lows. To understand Ethereum’s future trajectory, check out our comprehensive ETH Price Prediction covering 2025 through 2030.
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