- Ethereum is trading around the $2K range.
- ETH’s trading volume has soared by over 81%.
The largest altcoin, Ethereum (ETH), is attempting to enter the bullish zone. Currently, it is trading within the $2,069 range following a 3.33% gain in value. In the early hours, the asset traded at a bottom range of $1,939, and with the brief bullish shift in the ETH market, the price gradually rose toward a high of $2,076.
After breaking a few resistance levels, ETH confirms the fleeting bullish wave. Besides, the market cap is settled at $250.01 billion, and the daily trading volume has exploded by over 81.02% to $15.38 billion. Also, the Coinglass data reports that the market has experienced a liquidation of $118.81 million worth of ETH.
If the recent gains intensify, the Ethereum price might move up and test the key resistance at the $2,099 range. With further pressure on the upside, the golden cross could take place, and the potential bulls would send the asset’s price above the $2,130 mark.
On the flip side, if the bears pop up within the Ethereum market, it could instantly fall to the support at around $2,039. An extended correction on the downside might trigger the emergence of the death cross, likely driving the price to the $2,005 level or even lower.
Where Is Ethereum’s Momentum Headed Next?
ETH’s Moving Average Convergence Divergence line and the signal line are below the zero line. The market is still in a bearish phase, but as MACD is above the signal line, it shows early signs of a possible bounce. Notably, it is hinting at a potential short-term recovery if the momentum continues.
The Chaikin Money Flow (CMF) indicator of Ethereum is at 0.11 points to solid buying pressure. There is a solid inflow of money, with buyers stepping in with modest strength. It is not extreme, but the support is noticeable. It is building an uptrend, as long as that buying interest continues.
Moreover, the daily Relative Strength Index (RSI) is at 57.70, indicating a clear bullish lean. Buyers have the upper hand, and price is moving up with steady momentum. The ETH market is gradually pushing higher, with room to continue if the strength holds.
Ethereum’s Bull Bear Power (BBP) reading of 82.16 suggests extremely strong bullish pressure. It is pushing the price far above its average with powerful momentum, and it is running to the upside, though moves this strong can sometimes lead to quick pullbacks.
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Source: https://thenewscrypto.com/ethereum-eth-faces-the-2k-test-will-bulls-break-through-or-get-pushed-back/
