- Ethereum smashes through its ATH at $4,953.
- ETH trading volume has surged by over 83%.
As August is closing, the crypto market is riding the rollercoaster, encountering a series of ups and downs. The market cap has briefly shed 0.92%, reaching $3.95 trillion in the last 24 hours. The majority of the assets are charted in red, with Bitcoin, the largest asset, trading at $113.3K.
The largest altcoin, Ethereum (ETH), has moved into uncharted territory, smashing through the $4,953 all-time high. It has broken the highest-ever resistance. If the ETH bulls built up steam, it could settle above the $5K threshold. The altcoin opened the day trading at $4.7K.
With the command of the bulls, the ETH price hit a new ATH, and later the asset slid toward a low of $4,673. As reported by the CoinMarketCap data, Ethereum has registered a brief loss of over 1.38%, and at the time of writing, the altcoin trades within the $4,721 mark.
In the meantime, the market cap has reached $568 billion, with ETH’s daily trading volume having soared by over 83.33%, touching $54.94 billion. Besides, the market has witnessed a 24-hour liquidation of $216.29 million worth of Ethereum, according to the Coinglass data.
Will Ethereum’s Price Consolidate or Break Out?
Ethereum’s technical indicator, the Moving Average Convergence Divergence line, has fallen below the signal line. This crossover indicates bearish momentum, and the price movement may likely be weakening. The further MACD falls below, the stronger the bears appear.
In addition, the Chaikin Money Flow (CMF) indicator of ETH, which confirms the capital flow into the asset, is positioned at 0.16. The value is in the moderate range, which suggests buying pressure in the market. Notably, more money is flowing into the asset than out.
Assuming the altcoin forms a steep downtrend, the Ethereum price might fall toward the immediate support range at $4,714. A breakdown below this level could trigger the death cross to take place, sending the price below $4,707, which may emerge as the subsequent support.
However, if the downtrend reverses, the bulls might reclaim the lost momentum, and the price could test the nearby $4,728 resistance. As the uptrend strengthens, the Ethereum price would target a highly bullish range above $4,735 mark, with the unfolding of the golden cross.
ETH’s daily Relative Strength Index (RSI) is found at 57.22 implies its neutral to mildly bullish zone. The momentum leans slightly positive, but no extreme signal yet. Moreover, the Bull Bear Power (BBP) reading of Ethereum at -7.71 signals that the bears are in control. The negative value shows the price may tend to trade on the downside.
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Source: https://thenewscrypto.com/after-the-ath-blast-will-the-ethereum-eth-bulls-swing-open-the-5k-door/