- Ethereum is up over 6%, trading in the $4K range.
- ETH’s daily trading volume has surged by more than 42%.
Ongoing neutral sentiment in the crypto market is sending mixed signal waves across the assets. With the brief 2.83% spike, the major tokens have entered the bullish zone. The largest altcoin, Ethereum (ETH), remains in negative territory with a 6.68%. The back-to-back rejections have made the asset’s recovery hard.
If Ethereum intends to escape the bearish trend line, the potential bulls should step in and kickstart a recovery rally. All the revival efforts of the asset ended in a downfall. In the morning hours, the asset traded at a low of $3,798.68, and later, with the bears fading out, the price climbed to a high of $4,218.27.
Ethereum is currently trading at around the $4,077 mark, with the daily trading volume having surged by over 42.39%, reaching $62.92 billion. Moreover, the market observed a liquidation event of $243.02 million worth of Ethereum during the last 24 hours, as per Coinglass data.
Is a Bullish Reversal Coming for Ethereum Soon?
The ETH/USDT trading pair’s Moving Average Convergence Divergence line and the signal line are below the zero line. It indicates the long-term bearish trend. But the MACD is above the signal line, with a brief bullish presence. Besides, Ethereum’s Chaikin Money Flow (CMF) indicator at -0.06 suggests slight selling pressure in the market. The money is flowing out of the asset rather than in.
Additionally, the Bull Bear Power (BBP) reading of ETH at 164.02 hints at a strong bullish dominance. The buyers are stronger than the sellers, and the price may move upward if momentum holds. Ethereum’s daily Relative Strength Index (RSI) settled at 49.38, which implies a neutral market, showing balanced momentum with no strong trend.
The 4-hour price chart gives a negative outlook, and if the current downside correction persists, Ethereum might slip to the support at around $4,070. Upon a failure to hold this range triggers the death cross to take place, sending the price to $4,063. Assuming a reversal, ETH could climb to $4,084. A breakout above this level might initiate the golden cross, and the bulls may take the price toward $4,091.