- Ethereum is trading within the $2.5K range.
- ETH’s daily trading volume is up by over 32.62%.
The crypto market remains caught in a tug-of-war, with prices swinging between bullish hope and bearish fear. The largest asset, Bitcoin (BTC), has posted a modest spike in the last 24 hours. Ethereum, the largest altcoin, has recorded a spike of over 1.47%. Will ETH reclaim its lost momentum?
A steady bullish encounter could send the ETH price up, reclaiming the lost momentum. The asset kicked off the day trading at around the $2.5K range. The midday trading has pushed ETH to hit its daily high of $2,547. The bears have taken control of the asset, and it has retraced to the low level of $2,479.
According to CMC data, Ethereum is trading within the $2,532 range at press time, with its market cap reaching $305 billion. The asset’s daily trading volume has surged by over 32.62%, touching $13.67 billion. Moreover, the market has witnessed a liquidation of $36.24 million worth of Ethereum, as per Coinglass.
Can Ethereum Shake Off the Bears and Reclaim Momentum?
The Moving Average Convergence Divergence (MACD) line and signal line of Ethereum have stationed below the zero line, which typically implies that the ongoing downside momentum and overall weak market sentiment. Additionally, Ethereum’s Chaikin Money Flow (CMF) indicator at 0.03 points out the mild buying pressure, and the money is slightly flowing into the asset.
ETH chart (Source: TradingView)
The ETH price could steeply drop toward the immediate support level at $2,490. Further downside correction might trigger the emergence of a death cross. The potent bearish waves may push the price to steeply plunge to the $2,465 range, expecting more losses.
Contrarily, assuming the reversal, Ethereum might walk toward the bullish territory. It could likely mount and test the $2,550 resistance level. With the mighty bulls, the price may witness an upside correction, and the golden cross might take place to drive ETH to $2,577.
Furthermore, the altcoin’s Bull Bear Power (BBP) reading found at -5.12 indicates strong bearish pressure in the market, and the price is being pushed lower. The daily relative strength index (RSI) of Ethereum is resting at 53.53, suggesting neutral to slightly bullish momentum, and the asset is neither overbought nor oversold.
