- Ethereum trades at $2.6K, spiked 0.35% over the past 24 hours.
- The altcoin’s daily trading volume plunged by 24.35%.
The cryptocurrency market is recovering from the bear hold after Bitcoin broke above $68K. While the largest altcoin, Ethereum (ETH) has not yet gained substantially. Notably, this month opened with an anticipated bull run, as it’s considered as Uptober.
Over the day, the altcoin recorded the lowest price at $2,592. The market observed a liquidation of $22.75 million worth of Ethereum during this timeframe, as per data. Meanwhile, the daily trading volume of ETH has decreased by 24.35% to $16.70 billion, according to CMC data.
In the morning hours, ETH traded in the $2,618 range. Following this, it continued to trade on the upside and hit $2,646. Over the past 24 hours, despite its price fluctuations, ETH witnessed a moderate spike of 0.35%. At the press time, ETH traded at $2,620 with a market cap of $315 billion.
Besides, the upside momentum of the altcoin has continued over the past month and week. In the last thirty days, the asset gained over 13.60% and this momentum impacted on the weekly price chart, noting a 10% increase from $2,344 to $2,679.
On the other hand, Vitalik Buterin, Ethereum’s co-founder, has shared his vision for Ethereum’s next leap in scalability with a roadmap called “Surge.” The recent blog post published today emphasized achieving 100,000 transactions per second (TPS) across the mainnet and Layer-2 networks.
Can ETH Breach the Nearby Resistance?
On deriving Ethereum’s four-hour technical indicators, the Moving Average Convergence Divergence (MACD) line falls below the signal line, suggesting a bearish signal, and can expect the incoming bear run.
Moreover, the market sentiment shows neutral signals as the daily relative strength index (RSI) is positioned at 61.42. Additionally, the asset’s daily frame displays the short-term 50-day moving average below the long-term 200-day moving average.
At press time, ETH’s price oscillates between $2.5K and $2.6K. Breaking past the $2.6K mark might signal the bull cycle. ETH may test the initial resistance at the $2,720 level, a critical zone for bulls. On the other hand, if the asset falls back from the current level, it might trigger ETH to push the price toward the $2,510 support zone.
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