- Ethereum trades at $2.4K, moderately spiked over the past 24 hours.
- ETH price influences the altcoin market sentiment and activity.
Altcoins in the market have shown mixed signals, with Ethereum, the largest altcoin, suffering to hold its ground. ETH price is at a critical juncture as it hovers near key resistance and support levels.
Notably, over the past 24 hours, ETH witnessed a moderate spike of 1.54%. At the press time, Ethereum traded at $2,423 with a market cap of $291 billion. Besides, the asset recorded the lowest price at $2,353, and the highest at $2,440, according to CoinMarketCap data.
The market observed a liquidation of $20.86 million worth of ETH during this timeframe, as per CoinGlass. Meanwhile, the daily trading volume of the altcoin stays at $12.85 billion.
Furthermore, as per the analyst, the crypto market shows a strong desire to rise with an upward move of Ethereum. For an altcoin rally to occur, ETH needs to take the lead, as it’s still considered the primary indicator of risk appetite in the altcoin market.
Can ETH Break the Key Resistance?
The notable plunge of ETH by 9.45% over the past week triggered the asset to trade below the $2.4K mark. The week began trading at $2,674, eventually, the asset slid to the $2.3K range.
The asset’s four-hour price chart reveals the daily relative strength index (RSI) at 44.93, in the neutral zone. Besides, the daily frame of Ethereum highlights the short-term 9-day and long-term 21-day moving averages noted below the current price at $2,404 and $2,401 respectively.
In addition, the Chaikin Money Flow (CMF) indicator is positioned at 0.12, an increased money flow with selling pressure is suggested. However, the trading volume has plummeted by 22.44%.
If Ethereum could break out at the $2,500 zone, it would likely push the price further and test the $2,648 resistance. However, on the downside, if ETH fails to hold the $2.5K mark, it may enter into and prolong a period of consolidation. This has the potential to fall back to the $2,290 range.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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