A 2.80% rise in the total cryptocurrency market capitalization has elevated it to $3.38 trillion, with sentiment remaining optimistic as reflected by the fear and greed index holding at 74. All major digital assets have been recorded in green, reclaiming their latest peak levels. Notably, Ethereum—the leading altcoin—has seen its recovery efforts successfully realized.
An 8.97% gain over the past 24 hours has been recorded by ETH, allowing it to overcome recent downward pressure. Continued upward momentum could be maintained if support from bullish sentiment persists. Additionally, a breakout beyond the $3,000 mark is viewed as crucial for triggering a stronger bullish surge.
The day was opened by the altcoin trading near the lower boundary at $2,453. As bullish momentum took hold, the price was driven upward toward the $2,736 level, with key resistance points at $2,577 and $2,706 being successfully surpassed.
At the time of reporting, Ethereum is being traded at approximately $2,675, with its market capitalization valued at $322 billion. A rise of over 11.94% has been observed in daily trading volume, bringing it to $36.64 billion. Additionally, according to data provided by Coinglass, around $158.04 million in ETH has been liquidated across the market.
Will Ethereum Bulls Stay in Control?
A short-term upward push has been reflected in the four-hour trading chart, as indicated by the appearance of a green candle. Ethereum is expected to approach the significant resistance near the $2,710 level. Should the upward correction continue, the price could be driven toward the $2,800 mark. Continued bullish momentum may lead to a more prolonged upward trend.
If bearish control is assumed, a pullback to the $2,606 support level could be witnessed. Continued downward movement may result in the formation of a death cross, potentially causing Ethereum to decline toward its previous low of $2,500 or below. Further negative pressure could hinder and complicate the ongoing recovery process.
The Moving Average Convergence Divergence (MACD) line for ETH has been positioned above the signal line, indicating a bullish crossover that suggests potential upward momentum in price. This formation is typically interpreted as a buying signal. Additionally, the Chaikin Money Flow (CMF) indicator has been recorded at -0.10, pointing to moderate selling pressure and a slight outflow of capital from the asset.
A daily Relative Strength Index (RSI) reading of 67.14 has been observed for the altcoin, signaling that the asset is nearing overbought conditions. As a result, the ongoing bullish momentum may encounter resistance or lead to a possible price correction. Furthermore, a Bull Bear Power (BBP) value of 180.06 for Ethereum indicates strong bullish dominance within the market.
