A brief uptick in the crypto market today has resulted in assets fluctuating between red and green charts. The largest assets, Bitcoin and Ethereum, have moved into the recent high price range. Will the grip be tightened by the bulls to kickstart a rally soon?
The spike in the market has caused assets to trade on the upside. Meanwhile, the largest altcoin, Ethereum (ETH), remained in the bearish zone with a 1.04% gain. A recovery in ETH’s strong bearish trend line will only be seen if it crosses over $2K.
Ethereum opened the day trading at $1,755, and was gradually slipped to the $1,740 range. The price of ETH was driven to a daily high of $1,802 by the bulls in command after the resistance at $1,784 was broken.
As of now, Ethereum is being traded within the $1,774 mark, with the daily trading volume having dropped by over 20%, reaching $14.4 billion. Additionally, a liquidation of $41.59 million worth of Ethereum has been witnessed in this interval, according to Coinglass data.
The downside correction of ETH, reported on the four-hour trading window, was formed after a brief uptrend. The price has been pulled back to its former lows by the bears, with a potential drop toward the $1,703 range. The appearance of a death cross could lead to a further slip to around $1.6K.
On the upside, if the bulls are awakened, an uptrend may be initiated, and Ethereum could move toward the nearby resistance at the $1.8K mark. Assuming the continued presence of ETH bulls, the price could be pushed upward, with the potential of reaching the long-awaited $2K threshold.
The MACD line of Ethereum has been crossed below the signal line, indicating a bearish crossover. A downtrend is likely for the asset’s price, with a potential sell signal being triggered. However, ETH’s CMF indicator, positioned at 0.21, signals an inflow of money, with buying pressure being greater than selling pressure.
Moreover, the RSI is positioned at 62.52, indicating a neutral condition for the asset. Additionally, the BBP reading of 46.78 suggests that market sentiment is leaning toward the bulls, though not strongly.
