Can Ethereum (ETH) Find Its Bullish Groove?

• Ethereum trades near the $4.4K mark at present.
• Around $72.69M in ETH was liquidated in the market.

With the 1.4% loss, the crypto market is inviting more downside risks. The broader market sentiment is neutral, as the Fear and Greed Index value is at 48, while the majority of the assets have entered the red zone. The largest altcoin, Ethereum (ETH), has been grappling to completely switch toward the upward momentum. 

Even after multiple attempts, ETH faces back-to-back rejections and slips back. The asset has been trading on the upside in the early hours, trading at around a high of $4,549.76. Later, the mighty bears stepped in, took control of the market, and the asset’s price fell toward a bottom range of $4,443.26.

At press time, Ethereum recorded a drop of over 1.67%, trading at around $4,468.89. In addition, the market cap has reached $540.28 billion, with ETH’s daily trading volume losing by 10.81%, settling at $28.84 billion. As per Coinglass data, the market has observed a 24-hour liquidation of $72.69 million worth of Ethereum.

Will the Bulls Take Control of Ethereum?

Ethereum’s Moving Average Convergence Divergence line is settled below the signal line, and both are positioned under the zero line. This indicates that the current momentum is bearish. The price may continue to fall unless the MACD crosses above the signal line or both move back above zero.  

Besides, the Chaikin Money Flow (CMF) indicator of ETH found at -0.01 is slightly below zero. It suggests mild selling pressure in the market. Notably, the money is likely leaving the asset, but not strongly. If the value is deeply negative, it would point to a heavier distribution.

The altcoin’s trading pattern reflects a bearish momentum, and upon losing the support range at $4,462, the price could fall further. Assuming the downside correction strengthens and brings out the death cross, it might push the Ethereum price down to its former low below $4,456. 

Contrarily, if the asset reverses the momentum, the price could climb and reclaim the $4,474 resistance level. With the sturdy and steady upside correction, the Ethereum bulls might trigger the emergence of the golden cross and potentially push the price above the $4,480 mark. 

Moreover, the daily Relative Strength Index (RSI) of ETH is staying at 40.14, which is in the lower-middle zone, showing mild bearish sentiment. A drop toward 30 signals that the asset is oversold, but a rise back above 50 would confirm the uptrend. Ethereum’s Bull Bear Power (BBP) reading of -79.88 signals that the bears are dominant in the market. As the value is low, it reflects a strong downtrend.

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