A short-lived increase of 1.66% was witnessed, generating a bullish momentum across the cryptocurrency market and lifting the overall market capitalization to $3.33 trillion. As greed sentiment continues to persist, a mixed outlook has been observed among major assets. A slight gain of more than 0.20% over the past 24 hours has been recorded by Ethereum (ETH), the largest altcoin.
The presence of a bearish trend in Ethereum may hinder the entry of bullish momentum in the market. A consistent rise beyond the $2.6K mark could accelerate the recovery process. During the early trading hours, a daily low of $2,482 was reached by ETH, followed by a brief bullish surge that lifted the price to a high of $2,616.
As of the latest update, Ethereum was being traded around the $2,562 level, with its market capitalization recorded at $309 billion. A decline of 1.27% in daily trading volume was noted, bringing it to $24.18 billion. Additionally, according to data from Coinglass, approximately $103.94 million worth of ETH was liquidated in the market.
A consistent gain of 62.61% over the past thirty days has been registered by the altcoin. The month was opened by ETH at a trading value of $1.5K, and with sustained bullish momentum, its price has now reached the $2.6K level.
Will Bulls Regain the Upper Hand on Ethereum?
If the prevailing bearish momentum surrounding Ethereum is maintained, a decline toward the $2,505 level may be triggered. Continued downward movement in price could intensify the fall, leading to additional correction and driving ETH into the $2.4K range.
On the higher side, an upward move could be initiated by ETH bulls, potentially pushing the price toward the resistance level of $2.6K. If this barrier is surpassed, additional support may be provided for the bulls, possibly propelling the altcoin toward $2,660. Furthermore, a continuation of the uptrend may be sustained by the strong bullish presence.
A bearish crossover has been indicated as Ethereum’s Moving Average Convergence Divergence (MACD) line has positioned itself beneath the signal line. The recent price action of the asset has shown signs of weakening, which may suggest a possible downward trend or sustained selling pressure.
Additionally, a value of 0.13 has been recorded by the Chaikin Money Flow (CMF) indicator, indicating that capital is being directed into the asset—a condition generally interpreted as bullish, reflecting increased buying pressure within the market.
A notable bullish dominance in the market has been indicated by the Bull Bear Power (BBP) value of 19.59, which may contribute to upward price movement. Furthermore, the daily Relative Strength Index (RSI), positioned at 59.50, suggests that the asset is currently in a neutral to mildly bullish zone, allowing space for potential further gains.
