- Ethereum is trading in the $2.8K zone.
- The market saw $33.60 million worth of Ethereum liquidated.
The crypto market is navigating downside risks, accompanied by conflicting signals. Ethereum (ETH), the largest altcoin, has been battling to hold onto its upward momentum. Even with multiple attempts, it has not succeeded in setting a new all-time high.
Ethereum price has slipped below $2,850, and the price might face hurdles around the $2,843 range. The price retested the $2,776 and $2,808 resistance levels.
ETH has been trading on the downside in the early hours, recording a 0.05% spike. At press time, ETH traded at $2,813 and the daily trading volume reached $29.02 billion. Notably, the market observed a liquidation of $33.60 million worth of Ethereum.
The largest altcoin has lost over 12.84% in the last seven days. ETH began the week trading on the upside at $3,426 and eventually dropped toward a weekly low of $2,451.
Alternatively, institutions appear to be accumulating Ethereum. In the last two days, Cumberland, an institutional trader, withdrew 62,381 ETH worth $174 million from exchanges and moved it to Coinbase Prime. This increased institutional interest suggests a long-term holding of Ethereum.
Will ETH Experience a Bullish Turn?
Ethereum’s Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line. This crossover suggests that the asset is overall in bearish territory. A move above the zero line would signal a bullish trend.
The Chaikin Money Flow (CMF) indicator found at 0.29 infers positive flow and strong buying pressure, pointing out that buyers are in control of the market. Meanwhile, the daily trading volume of ETH has decreased by over 32.41%.
ETH’s intraday trading pattern reflects a sustained bearish momentum. If the altcoin loses the support at $2.6K, the risk of falling further could form. Assuming the selling pressure continues, Ethereum may delay the recovery and signal a longer period of consolidation.
On the upside, the altcoin’s recovery lies in reclaiming the $3K level. If this unfolds, Ethereum could likely mount toward $3,236, setting the stage for a rebound. Breaking above this range would confirm the altcoin’s bullish trend and reinforce the comeback trail.
The altcoin’s daily chart reports the short-term 50-day moving average below the long-term 200-day moving average. Besides, the daily relative strength index (RSI) stayed at 49.15, indicating neutral momentum—neither overbought nor oversold conditions.
Disclaimer: The opinion expressed in this article 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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