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.ETH will only recover its strong bearish trend line if it crosses over $2K.
Ethereum opened the day trading at $1,755 and gradually slipped to the $1,740 range. Bulls took command and drove ETH’s price to a daily high of $1,802 after breaking the resistance at $1,784.
As of now, traders are trading Ethereum around the $1,774 mark, with daily trading volume dropping by over 20% to $14.4 billion. Additionally, Coinglass data shows that $41.59 million worth of Ethereum has liquidated during this interval.
The bears pulled back ETH’s price to its former lows after a brief uptrend, forming a downside correction on the four-hour trading window. The price may potentially drop toward the $1,703 range. The appearance of a death cross could lead to a further slip to around $1.6K.
If the bulls awaken, they may initiate an uptrend, pushing Ethereum toward the nearby resistance at the $1.8K mark. Assuming ETH bulls remain active, they could drive the price upward, potentially reaching the long-awaited $2K threshold.
The MACD line crossed below Ethereum’s signal line, indicating a bearish crossover. This likely triggers a downtrend and a potential sell signal for the asset’s price. 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 stands 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.
