After an 8% rise, Ethereum is trading at $4.6 thousand.

The market has seen a liquidation of $286 million in Ethereum.

The cryptocurrency market opened today with a noticeable increase, pushing its market value to $4.06 trillion. As a result, the performance of assets appears to have improved overall, seeking to regain their recent high levels. In this context, the largest altcoin, Ethereum (ETH), is witnessing bullish trading, recording a steady increase of over 8.39% in the past 24 hours.

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Ethereum opened today's trading at its lowest level of $4,258. This bullish shift pushed its price towards its highest level of $4,678. The altcoin has tested critical resistance areas between $4,262 and $4,674 and has broken through them. Analysts expect that if the positive price trajectory continues, bulls may maintain their strength and push the price above $5,000.

At the time of writing this report, Ethereum is trading at $4,638, with a market value of $559 billion. Furthermore, the daily trading volume of the altcoin has risen by more than 37.79%, likely reaching a range of $63.54 billion. According to Coinglass data, the market has seen a liquidation of $286 million in Ethereum during this period.

Can Ethereum's rise continue?

The four-hour chart for the price of the largest altcoin shows an upward trend, and it may challenge the initial resistance level at around $4,644. Continued bullish correction in Ethereum may lead to a golden cross. Bulls are likely to pave the way for further gains towards $4,650.

On the other hand, with the downward pressure, the price of Ethereum may drop and retest the support level at $4,632. If the downward correction strengthens, the price of Ethereum could decline, potentially leading to a death cross. A sharp drop to the range of $4,626 or lower is expected.

ETH chart (Source: TradingView)

From the technical analysis of the ETH/USDT trading pair, the Moving Average Convergence Divergence (MACD) line crosses above the signal line, indicating a bullish trend. This crossover suggests increasing bullish momentum, and the price of the asset may rise. Additionally, the Chaikin Money Flow (CMF) indicator has stabilized at 0.27, indicating strong buying pressure in the ETH market. This value also shows a good cash flow into the asset.

Moreover, the daily Relative Strength Index (RSI) for the altcoin stands at 77.09, indicating an overbought area. The price may rise, with the possibility of a pullback. The Bull Bear Power (BBP) reading for Ethereum, recorded at 457.71, indicates strong bullish dominance, as strong bulls significantly push the price upward.