Bulls Push Higher or Bears Plot Resistance

• Ethereum is currently hovering near the $4.4K zone.
• The ETH market has recorded $132.03M in liquidations.

With a brief spike in the crypto market, the assets are oscillating on the green and red swing. The largest asset, Bitcoin (BTC), is currently trading at around $110.5K, attempting to reclaim the lost momentum. Meanwhile, in the last 24 hours, the largest altcoin, Ethereum (ETH), the largest altcoin, has posted a loss of over 1.71%. 

ETH opened the day trading at a high range of $4,482.25. As the bears stepped into the market, the price plunged to a low of $4,221.25. If the bulls failed to show up, the bears might strengthen enough to pull the asset back to its previous support. At the time of writing, Ethereum trades at around $4,402, as per CMC data. 

In addition, with its market cap reaching $530.45 billion, the daily trading volume of ETH has spiked by over 6.38% to the $34.65 billion mark. As reported by the Coinglass data, the market has witnessed an event of liquidation of $132.03 million worth of Ethereum during the last 24 hours.

Notably, the Ali chart exhibits that in the last 24 hours, the whales have purchased 260,000 ETH, signalling strong confidence at current price levels. This accumulation often suggests a potential upward move in the price and, as a bullish signal.

Is Ethereum Set for a Bullish Reversal or Continued Consolidation?

With the ETH’s downside trading continuing, the price might fall to the nearest support at the $4,395 level. A steep bearish correction could send the altcoin price to its former low below $4,388 with the emergence of a death cross. Assuming the altcoin regains the bullish strength, the price might move up to the resistance at around $4,409. Ethereum could likely target a range between $4,416 and $4,425 if the uptrend stays and triggers the golden cross formation. 

Moreover, the altcoin’s Moving Average Convergence Divergence (MACD) line and the signal line are found below the zero line. It points to the overall momentum being bearish, and the Ethereum price trend is weak. But the Chaikin Money Flow (CMF) indicator, which assesses the capital flow into the asset, settled at 0.25, implying a buying pressure in the market, though not at peak strength. Also, more money is flowing into the asset. 

Ethereum’s daily Relative Strength Index (RSI) value of 45.45 indicates a neutral to slightly bearish momentum. There is no strong trend yet, and the price could swing either way as it is in a consolidation zone. Besides, the Bull Bear Power (BBP) reading of -17.74 suggests strong bearish dominance, and the buyers are struggling to lift the price. The deeper the negative number, the stronger the selling momentum is.

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