Ethereum Price: Will the Bulls Push Past the $4K Barrier or Bow to Bear Pressure?
- Ethereum is currently trading around the $3.8K level.
- The ETH market has witnessed liquidations totalling $130.22 million.
Today’s price action of the crypto assets was bearish, with the charts lit up the red candlesticks. The largest asset, Bitcoin (BTC), trades at $118.6K, while the other majority tokens are caught in bearish territory. The largest altcoin, Ethereum (ETH), has briefly come to a close in its recovery attempts and fallen under pressure, posting a dip of over 1.04%.
If the altcoin continues to trade in the bearish zone, more losses are ahead. Instead, a breakout above the $3.9K mark may invite the sturdy bulls, and the price could move up. ETH opened the day trading at a high of $3,891. With the resilient downtrend, the price has plunged toward the $3,736 mark.
Ethereum currently trades at around $3,849, with its market cap reaching $464 billion. Meanwhile, the daily trading volume has spiked by more than 8%, touching $36.34 billion. As reported by the Coinglass data, the market has experienced a liquidation of $130.22 million worth of ETH in the last 24 hours.
The Ali chart analysis points out that the crucial resistance level of Ethereum is at around $4,100. A strong upward momentum would lead to a sustained rally toward $5K. The price may consolidate or face rejection, and the $4.1K mark acts as a critical barrier to the asset’s price movement.
Will Ethereum Flip the Trend in Its Favour?
The ETH/USDT trading pair reports the ongoing downside pressure, which the price could slip toward the $3,843 support range. If the altcoin’s bearish correction solidifies, it might initiate the death cross to take place. The bears would likely send the price to its previous low at the level of $3,837 or even lower.
On the upside, assuming the bulls took control of the Ethereum price, the nearby resistance could be found at the $3,855 level. An extended bullish correction might trigger the golden cross to unfold. The potent bulls may drive up the price movement to its subsequent resistance above the $3,861 mark.
The altcoin’s Moving Average Convergence Divergence (MACD) line has briefly crossed below the signal line, indicating a temporary bearish crossover. However, it might not confirm a strong downtrend unless followed by further price weakness. In addition, the Chaikin Money Flow (CMF) indicator of Ethereum found at 0.03 suggests a mild buying pressure in the market, with the money likely flowing into the asset. It shows an accumulation signal, but not a strong one.
Moreover, the daily Relative Strength Index (RSI) settled at 61.44, which implies moderate bullish sentiment, and the asset is gaining strength. Before hitting the overbought zone, ETH has more room for upward movement. Besides, the Bull Bear Power (BBP) reading of Ethereum at 101.54 signals a strong bullish dominance. It pushes the price above, with solid buying pressure.
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Ethereum Price: Will the Bulls Push Past the $4K Barrier or Bow to Bear Pressure?
- Ethereum is currently trading around the $3.8K level.
- The ETH market has witnessed liquidations totalling $130.22 million.
Today’s price action of the crypto assets was bearish, with the charts lit up the red candlesticks. The largest asset, Bitcoin (BTC), trades at $118.6K, while the other majority tokens are caught in bearish territory. The largest altcoin, Ethereum (ETH), has briefly come to a close in its recovery attempts and fallen under pressure, posting a dip of over 1.04%.
If the altcoin continues to trade in the bearish zone, more losses are ahead. Instead, a breakout above the $3.9K mark may invite the sturdy bulls, and the price could move up. ETH opened the day trading at a high of $3,891. With the resilient downtrend, the price has plunged toward the $3,736 mark.
Ethereum currently trades at around $3,849, with its market cap reaching $464 billion. Meanwhile, the daily trading volume has spiked by more than 8%, touching $36.34 billion. As reported by the Coinglass data, the market has experienced a liquidation of $130.22 million worth of ETH in the last 24 hours.
The Ali chart analysis points out that the crucial resistance level of Ethereum is at around $4,100. A strong upward momentum would lead to a sustained rally toward $5K. The price may consolidate or face rejection, and the $4.1K mark acts as a critical barrier to the asset’s price movement.
Will Ethereum Flip the Trend in Its Favour?
The ETH/USDT trading pair reports the ongoing downside pressure, which the price could slip toward the $3,843 support range. If the altcoin’s bearish correction solidifies, it might initiate the death cross to take place. The bears would likely send the price to its previous low at the level of $3,837 or even lower.
On the upside, assuming the bulls took control of the Ethereum price, the nearby resistance could be found at the $3,855 level. An extended bullish correction might trigger the golden cross to unfold. The potent bulls may drive up the price movement to its subsequent resistance above the $3,861 mark.
The altcoin’s Moving Average Convergence Divergence (MACD) line has briefly crossed below the signal line, indicating a temporary bearish crossover. However, it might not confirm a strong downtrend unless followed by further price weakness. In addition, the Chaikin Money Flow (CMF) indicator of Ethereum found at 0.03 suggests a mild buying pressure in the market, with the money likely flowing into the asset. It shows an accumulation signal, but not a strong one.
Moreover, the daily Relative Strength Index (RSI) settled at 61.44, which implies moderate bullish sentiment, and the asset is gaining strength. Before hitting the overbought zone, ETH has more room for upward movement. Besides, the Bull Bear Power (BBP) reading of Ethereum at 101.54 signals a strong bullish dominance. It pushes the price above, with solid buying pressure.
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