Bulls in Action: Can Ethereum (ETH) Break the $3.5K Resistance?

• Ethereum is currently trading around the $3.1K mark.
• ETH’s daily trading volume has skyrocketed by over 130%.

The 1.72% uptick in the crypto market has briefly pushed the tokens to the green zone. The prices are attempting to gain momentum, to hit recent highs. But the market is still in fear, with the Fear and Greed Index value at 24. Meanwhile, Ethereum (ETH) has begun trading on the upside. 

The altcoin has spiked by over 2.65% in the last 24 hours, and in the early hours, ETH was trading at a low of $2,930.65. With the bullish appearance, the price has risen to a high range of $3,148.77. Further upward move of the largest altcoin could strengthen the bulls to enter a steady bullish phase.  

At press time, Ethereum traded at around $3,126, with its daily trading volume having exploded by over 130.96%, and reaching the $23.91 billion mark. Besides, the Coinglass data has reported that the market has experienced a liquidation of $184.24 million worth of ETH during this period.

Will Ethereum Keep Riding This Early Bullish Push?

Ethereum’s Moving Average Convergence Divergence (MACD) line is found above the signal line. This crossover indicates the momentum is shifting toward the bullish side, but not strongly enough. In addition, the Chaikin Money Flow (CMF) indicator settled at 0.10, suggesting mild buying pressure in the ETH market. It is a positive but moderate bullish signal. The money is flowing into the asset. 

ETH chart (Source: TradingView)

Zooming in on the 4-hour trading pattern of the ETH/USDT pair exhibits that the price could climb to the nearest resistance at around $3,136. An extended upside correction may trigger the formation of the golden cross and send the price up to the $3,146 range. 

Assuming a bearish reversal of Ethereum, the price might fall to the immediate support level at $3,116. The altcoin’s downside trajectory could initiate the death cross to emerge, and the bears would take the price toward its former lows at $3,106 or even lower. 

Moreover, the daily Relative Strength Index (RSI) of ETH staying at 56.91 implies mild bullish momentum. The current value is above the neutral 50 level, but it is far from the overbought territory. Ethereum’s Bull Bear Power (BBP) reading, resting at 92.44, signals strong bullish dominance. Notably, the buyers in the market are very strong and are showing heavy upward pressure and momentum.

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