Ethereum (ETH) Stalls Below $2.6K, Will Market Momentum Push It Higher or Trigger a Reversal?
- Ethereum is trading around the $2.5K range.
- The market has seen $50.34 million worth of Ethereum liquidated.
The active mixed sentiment across the crypto assets is sending the prices to fluctuate between green and red charts. Largest assets like Bitcoin and Ethereum are trading within the $109.6K and $2.5K. Ethereum (ETH) has been under pressure and recently broke the sturdy bearish momentum.
ETH has posted a modest gain of over 1.91%. The emerging bulls could form a bullish trend line only after climbing above $2.7K. The altcoin’s multiple attempts for upside corrections should end up gaining more traction in the market.
Before the bulls gained enough strength, the price visited its daily low of around $2,467. The bullish shift has pushed ETH to a high of $2,576, breaking key resistance levels. At the time of writing, Ethereum traded within the $2,564 range, with the daily trading volume soaring by over 15.14%, reaching $14.2 billion. Additionally, the market observed a liquidation of $50.34 million worth of Ethereum.
Notably, a whale has recently bought 30,000 ETH for $75.39 million via OTC just before the price jumped, turning it into $76.91 million—an unrealized profit of $1.52 million. This whale has already profited $23.73 million from ETH by strategically buying low and selling high.
How Close Is Ethereum to a Bullish Reversal?
Ethereum’s Moving Average Convergence Divergence (MACD) line and signal line are found below the zero line. This crossover indicates a sturdy bearish momentum that leads the asset’s price to decline or stay under pressure.
Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.03 suggests money is flowing moderately into the asset and a mild buying pressure in the market. A sustained rise in value could signal mighty bullish momentum.
Assuming the ongoing downside correction stays, ETH could likely retrace to the immediate support zone at $2,507. A potent downside correction might invite the death cross to emerge, and it opens the gateway for a steady falloff to the $2,450 range or even lower.
Contrarily, if Ethereum turned the bearish wave into bullish, it could climb and test the resistance at the $2,585 level. A breakout above this price range initiates a strong bullish shift that might drive ETH toward the $2.6K mark for sustained upside correction.
Furthermore, the altcoin’s Bull Bear Power (BBP) reading of 44.83 points out the strong bullish momentum, with the buyers dominating the market. Ethereum’s daily relative strength index (RSI) of 52.75 signals a neutral to mildly bullish sentiment, neither overbought nor oversold.
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Ethereum (ETH) Stalls Below $2.6K, Will Market Momentum Push It Higher or Trigger a Reversal?
- Ethereum is trading around the $2.5K range.
- The market has seen $50.34 million worth of Ethereum liquidated.
The active mixed sentiment across the crypto assets is sending the prices to fluctuate between green and red charts. Largest assets like Bitcoin and Ethereum are trading within the $109.6K and $2.5K. Ethereum (ETH) has been under pressure and recently broke the sturdy bearish momentum.
ETH has posted a modest gain of over 1.91%. The emerging bulls could form a bullish trend line only after climbing above $2.7K. The altcoin’s multiple attempts for upside corrections should end up gaining more traction in the market.
Before the bulls gained enough strength, the price visited its daily low of around $2,467. The bullish shift has pushed ETH to a high of $2,576, breaking key resistance levels. At the time of writing, Ethereum traded within the $2,564 range, with the daily trading volume soaring by over 15.14%, reaching $14.2 billion. Additionally, the market observed a liquidation of $50.34 million worth of Ethereum.
Notably, a whale has recently bought 30,000 ETH for $75.39 million via OTC just before the price jumped, turning it into $76.91 million—an unrealized profit of $1.52 million. This whale has already profited $23.73 million from ETH by strategically buying low and selling high.
How Close Is Ethereum to a Bullish Reversal?
Ethereum’s Moving Average Convergence Divergence (MACD) line and signal line are found below the zero line. This crossover indicates a sturdy bearish momentum that leads the asset’s price to decline or stay under pressure.
Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.03 suggests money is flowing moderately into the asset and a mild buying pressure in the market. A sustained rise in value could signal mighty bullish momentum.
Assuming the ongoing downside correction stays, ETH could likely retrace to the immediate support zone at $2,507. A potent downside correction might invite the death cross to emerge, and it opens the gateway for a steady falloff to the $2,450 range or even lower.
Contrarily, if Ethereum turned the bearish wave into bullish, it could climb and test the resistance at the $2,585 level. A breakout above this price range initiates a strong bullish shift that might drive ETH toward the $2.6K mark for sustained upside correction.
Furthermore, the altcoin’s Bull Bear Power (BBP) reading of 44.83 points out the strong bullish momentum, with the buyers dominating the market. Ethereum’s daily relative strength index (RSI) of 52.75 signals a neutral to mildly bullish sentiment, neither overbought nor oversold.
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