- After hitting a daily high of around $2.8K, Ethereum is now trading at $2,689.
- ETH’s daily trading volume has exceeded 105%.
Ethereum (ETH), the largest altcoin, made a fresh attempt to surge past $2.7K. It broke the $2,794 resistance but faced rejection near the $2,850 range, signalling a short-lived bullish push.
In the early hours, a high was formed at $2,848, climbed from the low of $2,669. Analysts predict that Ethereum’s successful breach of the crucial resistance levels could push toward an imminent price recovery to new highs.
The struggle to push past the $3K mark is making Ethereum seem bone-tired. The altcoin has registered a modest gain of over 1.10% over the past 24 hours. At the time of writing, Ethereum traded at $2,689.
In addition, the market has observed a liquidation of $65.74 million worth of Ethereum during this timeframe. Also, the daily trading volume of the altcoin has reached $24.75 billion.
In the meantime, a whale, who has been holding 5,000 ETH worth $13.57 million for around three years, recently deposited it to Binance, flashing potential selling pressure. Over recent days, this wallet has transferred a total of 8,000 ETH valued at $21.65 million to the exchange.
Is Ethereum Bullish or Bearish?
Ethereum price has established a brief uptrend. If the asset sustains the upward movement, it might challenge the resistance around $2.8K. Assuming the formation of a golden cross, ETH could pave the way for further gains toward $3K.
On the downside, the altcoin may retest the support at the $2,620 range if the downtrend strengthens. Losing this level could trigger a deeper slide to $2.4K. With increasing selling pressure, further declines could follow, visiting the former lows.
Notably, when the ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line crosses above the signal line, indicating an upside correction. Traders often consider this a buy signal, anticipating upward price movement.
The Chaikin Money Flow (CMF) indicator stationed at -0.21, suggests the money is flowing out of the asset. This could signal weak momentum or a potential downside risk. Meanwhile, the daily trading volume of ETH has increased by over 105%.
Besides, the daily relative strength index (RSI) of Ethereum found at 40.95 refers to the asset being in a neutral-to-bearish zone. A Bull Bear Power (BBP) value of -22.16 pointed out that bears are in control of the market.
