- Ethereum is holding at the $1.8K mark.
- $21.12 million worth of ETH has been liquidated from the market.
The brief uptick in the crypto market cap supports the prevailing mixed sentiment, resulting in a jump between the red and green charts. Bitcoin is trading at around $94.3K, while Ethereum has entered the $1.8K zone. Will the bullish grip initiate a rally soon?
The largest altcoin, Ethereum (ETH), continues to stay in the bearish zone with a 0.51% loss. The altcoin’s mighty bearish trend line will attempt a recovery after crossing over $2K.
In the early hours, Ethereum traded at a low of $1,793, and gradually it climbed to the high range of $1,832. The bullish command has failed to sustain, and at press time, Ethereum traded within the $1,802 mark.
Moreover, the daily trading volume has spiked by over 9.46%, reaching $10.99 billion. Notably, the market has witnessed a liquidation of $21.12 million worth of Ethereum in this interval, as per Coinglass data.
Following a six-month pause, an Ethereum whale has withdrawn 1,700 ETH valued at $3.1 million from Binance. The whale’s total holdings now stand at 5,000 ETH, currently with an unrealized loss of $3.6 million.
Can Ethereum Escape the Bearish Zone?
ETH’s active bearish pressure on the four-hour trading chart has triggered the potential bears to stay and pull back the price to its previous low in the $1,780 range. In case of the emergence of a death cross, the price could slip to $1.6K.
Contrarily, a bullish wave initiated could push the price up to the resistance at around $1,842. Assuming ETH bulls stay for a prolonged gain, it might drive the price toward the $1.9K level, with the target of hitting the long-anticipated $2K.
The MACD line and the signal line of the altcoin have crossed below the zero line. This implies a sturdy bearish crossover, with the asset’s potential for more downside correction. Besides, the CMF indicator of ETH found at -0.09 points out the capital outflow, with the selling pressure outweighing the buying pressure.
Additionally, the RSI is positioned at 44.36, indicating that the asset is in neutral to slightly bearish territory. The BBP reading of Ethereum staying at around -19.95 suggests the bears are dominating the market with strong momentum.
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