Ethereum is trading within the $1.9K range.
The market has seen $29.61 million worth of ETH liquidated. The mixed signals are keeping the traders on their toes in the crypto market, triggering both uncertainty and caution. Ethereum (ETH), the largest altcoin, remains under the bearish grip and has registered only a modest spike of 1.15%. The bearish region ETH created earlier seems unavoidable and the gradual upturn could materialize once the asset breaks and holds above $2.3K. In the early hours, Ethereum traded at a high of $1,832. The bears stormed in and pushed the price down to $1,760. At the time of writing, Ethereum traded at around $1,817, with the daily trading volume reaching $14.67 billion. Besides, the market observed a liquidation of $29.61 million worth of Ethereum during this interval.
How Soon Could Ethereum Enter Full Bull Mode?
If the downside correction persists, Ethereum might retrace to the support range of $1,776. A failure to hold this trading level could trigger the asset to form a death cross, opening the way toward a steady fall off to $1.5K. Forecasting a recovery move, the altcoin could jump to $2K. Upon breaking this level, a sustained bullish wave might emerge and send Ethereum toward the $2,268 resistance, potentially driving a sustained recovery. The ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line and the signal line is found below the zero line. This infers a bearish crossover and the asset’s potential to continue declining.
ETH chart (Source:TradingView)
ETH’s Chaikin Money Flow (CMF) indicator at -0.10 signals that the money is flowing out of the asset, reflecting a potent bearish sentiment. Meanwhile, the daily trading volume of the asset has dropped by 5.34%. In addition, the daily relative strength index (RSI) stationed at 48.32 indicates the asset is in neutral territory. ETH’s Bull Bear Power (BBP) reading of 3.38 suggests bullish dominance in the market.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. The NewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
PEPE Breaks Out 5%, Will the Bulls Stick Around?
