Can Ethereum (ETH) Rekindle Its Bullish Momentum Soon and Turn Green?

• Ethereum is trading in the $3.1K zone.
• $33.30M liquidated in the ETH market.

With the broader crypto market suffering the downside risks, the token’s price action is moving all ways, giving conflicting signals. Some of them are charted in green, and the rest in red. Meanwhile, Ethereum (ETH), the largest altcoin, has been battling to shift its momentum upward to the fullest, but ended up facing rejections.

In the early hours, the ETH price was traded at a high range of $3,143.04. The asset’s price faced hurdles in climbing, and gradually slipped to a bottom level of $3,068.07. It has posted a spike of over 0.96% in the last 24 hours. If the altcoin continues to lose momentum, the price will also begin to plummet to its former lows. 

At press time, Ethereum traded at around $3,124.77, and its market cap is at $377.74 billion. In addition, the daily trading volume has increased by over 15.17%, reaching the $18.68 billion mark. The Coinglass data has reported that the market has experienced a 24-hour liquidation event of $33.30 million worth of Ethereum. 

Will Selling Pressure Continue to Weigh on Ethereum?

With the bearish trading pattern, the Ethereum price could fall toward the support at around $3,110. The risk of falling further could form the death cross, and it may delay the recovery, pushing into a consolidation zone. Upon a recovery, Ethereum might climb to the $3,138 resistance range, likely setting the stage for a rebound to recent highs. As the golden cross emerges, it may break above, confirming a sturdy bullish trend. 

When both the Moving Average Convergence Divergence (MACD) line and the signal line are found below the zero line, it indicates that bearish momentum is dominant. Ethereum is trading below, and unless the lines start moving back above zero, the downside continues.  

ETH chart (Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator at 0.20 suggests strong buying pressure in the ETH market. Significantly, the money is flowing into the asset, reflecting accumulation and positive sentiment. As long as it stays above zero, it supports a bullish bias.

The daily Relative Strength Index (RSI) of Ethereum stayed at 52.33, implying a neutral to slightly bullish setup. It has balanced momentum, with neither buyers nor sellers in clear control. There is room for movement in either direction. Moreover, the Bull Bear Power (BBP) value of 15.07 signals strong bullish dominance. The buyers are firmly in control, with the ETH price trading above, hinting at strong upward momentum.

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