Ethereum holds its ground near the $1.7K level.
Over $41.59 million worth of ETH has been liquidated from the market. Today’s brief uptick in the crypto market has resulted in the assets bouncing between red and green charts. The largest assets, Bitcoin and Ethereum, have entered the recent high range in price. Will the bulls tighten the grip and kickstart a rally soon?
The spike in the market has sent the assets to trade on the upside. Whereas, the largest altcoin, Ethereum (ETH), stayed back in the bearish zone with a 1.04% gain. ETH’s mighty bearish trend line will only see a recovery if it crosses over $2K.
Ethereum opened the day trading at $1,755, and gradually it slipped to the range of $1,740. The bulls in command have driven the ETH price to a daily high of $1,802 after smashing through the resistance at $1,784.
As of now, Ethereum traded within the $1,774 mark, with the daily trading volume having plummeted by over 20%, reaching $14.4 billion. In addition, the market has witnessed a liquidation of $41.59 million worth of Ethereum in this interval, as per Coinglass data.
When Will ETH Break Into the Strong Bullish Zone?
ETH’s downside correction reported on the four-hour trading window was formed after a brief uptrend. The bears have re-entered to pull back the price to its former lows, which might send it toward the $1,703 range. The emergence of a death cross could trigger a slip to around $1.6K.
On the upside, if the bulls wake from their sleep, it may initiate an uptrend, and Ethereum could move up to the nearby resistance in the $1.8K mark. Assuming the extended stay of ETH bulls, it might push the price upward, with the potential of hitting the long-awaited $2K threshold.
ETH chart (Source: TradingView)
The MACD line of Ethereum has crossed below the signal line, implying a bearish crossover. The asset’s price is likely in a downtrend, and there’s a potential sell signal. But ETH’s CMF indicator, stationed at 0.21, signals an inflow of money, with buying pressure higher than selling pressure.
Moreover, the RSI is found at 62.52, suggesting the asset’s neutral condition. Besides, the asset’s BBP reading of 46.78 indicates that the market sentiment is leaning toward the bulls, but not strongly.
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