Ethereum is hovering at the $4.1K mark, following a 7% surge.
The market has seen liquidations of $238.60 million worth of ETH. As of August 9, the crypto market is attempting to reclaim the lost momentum with a spike of over 1.78%. Most assets are trading in the green. The largest asset, Bitcoin, is hovering at $117.1K. Meanwhile, the largest altcoin, Ethereum (ETH), has witnessed steady upside movement. ETH’s recent recovery endeavours have spurred an upward trajectory.
Over the last 24 hours, ETH has marched upward by over 7.15%. In the early hours, the altcoin traded at around $3,893. Later, with the unwavering bullish power, the price has climbed to $4,245, testing the decisive resistance range between $3,897 and $4,241. At the press time, Ethereum traded within the $4,196 mark.
With a market cap of $505 billion, the daily trading volume of ETH is up by over 27.35%, reaching the $51.44 billion level. As per the crypto data platform, CoinGlass, in the last 24 hours, the market has experienced a liquidation of $238.60 million worth of Ethereum.
Can Ethereum Break the Nearby Resistance?
Ethereum’s Moving Average Convergence Divergence (MACD) line is settled above the signal line, implying a bullish signal, with the upward momentum building. Also, the asset’s short-term price action is gaining strength. In addition, the asset’s Chaikin Money Flow (CMF) indicator is found at 0.41 points to a strong buying pressure in the market. Since the value is well above the zero mark, the money is likely flowing into the asset.
ETH chart (Source: TradingView)
The price chart exhibits that the crucial resistance of ETH can be found at $4,202, with the active upside correction. A sturdy bullish breakout might send the price high to the $4,208 resistance zone. Assuming Ethereum could not ascend above the key resistance, the initial support on the downside might be at $4,190. A potential downfall would trigger the altcoin price down toward the recent low at $4,184 or even lower.
ETH chart (Source: TradingView)
In addition, the daily Relative Strength Index (RSI) is sitting at 79, considered overbought. The asset is subject to a pullback or correction, as the strong trends may fail to hold the value up for long. Ethereum’s Bull Bear Power (BBP) reading is positioned at 446.90, signalling that the bulls are in a strong position relative to the bears. This high value hints that the bulls are pushing the price significantly above.
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