Ethereum has shattered its all-time high of $4,953.
Ethereum's trading volume increased by over 83%.
As August comes to a close, the cryptocurrency market is experiencing sharp fluctuations, witnessing a series of ups and downs. The market capitalization briefly dropped by 0.92%, reaching $3.95 trillion in the past 24 hours. Most assets declined, with Bitcoin, the largest asset, trading at $113.3 thousand.
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Ethereum (ETH), the largest altcoin, broke an unprecedented level, surpassing its all-time high of $4,953. It broke through the highest resistance level ever. If the bulls support the rising price of Ethereum, it may stabilize above the $5,000 threshold. The altcoin opened its daily trading at $4.7 thousand.
Thanks to the dominance of bullish speculators, the price of Ethereum reached its all-time high, then later dropped to a low of $4,673. According to CoinMarketCap data, Ethereum recorded a brief loss exceeding 1.38%, and at the time of writing this report, the altcoin was trading at $4,721.
F$BTC
Meanwhile, the market capitalization reached $568 billion, with Ethereum's daily trading volume increasing by over 83.33%, reaching $54.94 billion. Furthermore, the market saw a liquidation of $216.29 million in Ethereum within 24 hours, according to Coinglass data.
Will the price of Ethereum hold or break?
The technical indicator for Ethereum, the Moving Average Convergence Divergence (MACD), has fallen below the signal line. This crossover indicates bearish momentum, and price action is likely to weaken. The lower the MACD dips below the signal line, the stronger the bears become.
ETH chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator for ETH, which confirms capital flow into the asset, is at 0.16. The value is in a moderate range, indicating buying pressure in the market. Notably, the flow of money into the asset is greater than the flow out.
Assuming the altcoin will form a sharp downward trend, the price of Ethereum could drop towards the immediate support range at $4,714. A breakdown below this level could lead to a death cross, resulting in a price drop below $4,707, which may later become support.
However, if the downward trend reverses, the bulls may regain lost momentum, and the price may test the nearby resistance level at $4,728. As the bullish trend strengthens, the price of Ethereum will target a strong upward range above the $4,735 level, with the appearance of a golden crossover.
ETH chart (Source: TradingView)
The daily Relative Strength Index (RSI) for Ethereum is at 57.22, indicating that it is in a neutral to slightly bullish zone. Momentum is leaning slightly positive, but there is no strong signal yet. Moreover, the Bull Bear Power (BBP) reading for Ethereum at -7.71 indicates seller dominance. The negative value suggests that the price may trend towards a decline.
