The price of Ethereum is currently hovering around the level of $4,600.
The market recorded a liquidation exceeding $342 million for Ethereum.
The cryptocurrency market is experiencing sharp volatility. Bitcoin (BTC), the largest asset, broke its all-time high yesterday at $124,457. Today, the market has turned bearish, with some cryptocurrencies remaining optimistic. If assets continue to face downward pressure, recovery may be difficult. Notably, the largest altcoin, Ethereum (ETH), recorded a sharp decline of 2.27%.
#wct #اخبار_الكريبتو_العاجلة #كريبتو_بدون_فلوس #عملات_رقمية $ETH
S$XRP
Ethereum's strong hold on its bullish market prevents market entry. A breakout above the $4,800 level could trigger a bullish wave towards $5,000. The altcoin opened today's trading at a high range of about $4,765. Gradually, the bearish wave took control, bringing the price back to its lowest level at $4,461.
According to CMC data, at the time of writing this report, the trading price of Ethereum was approximately $4,638, with a market cap of $559.36 billion. The daily trading volume of the altcoin has risen by over 19.22%, reaching $74.45 billion. Furthermore, the market has experienced a liquidation of $342 million of Ethereum, according to Coinglass data.
Ethereum awaits the roar of the bulls
The active bearish trend for Ethereum is likely to push the price back towards the support level of $4,633. The reinforced bears may start to form a death cross, increasing losses. This will lead to further downward correction of the altcoin to $4,628. Assuming a bullish wave enters, the price of Ethereum might rise and test the resistance level at $4,643. Further upward correction may lead to the emergence of a golden cross and push the price into the range of $4,648.
ETH chart (Source: TradingView)
The Moving Average Convergence Divergence (MACD) line for Ethereum has settled below the signal line, indicating bearish momentum. The price may face downward pressure, and there are opportunities for it to continue. Furthermore, the Chaikin Money Flow (CMF) indicator at 0.34 suggests buying pressure in the market, with capital flowing into the asset. Given the strength of the value, it reveals continued accumulation, supporting the upward price movement.
Additionally, the reading of the Bull Bear Power (BBP) indicator for Ethereum at 30.13 indicates bullish control, pushing the altcoin's price to its highest level. As the momentum is strongly bullish, it indicates overextension. The daily Relative Strength Index (RSI) for Ethereum at 61.06 points to a slight upward trend in the market. The price also has more room to rise before reaching overbought conditions.
