- Ethereum (ETH) is trading within the $3.1K range.
- Daily trading volume has increased by over 77%.
With the extreme fear sentiment in the market, the traders are on their toes, witnessing both uncertainty and caution across the crypto assets. The majority of the tokens are charted in red, which includes the largest asset, Bitcoin (BTC), stalled at $95K. Meanwhile, Ethereum (ETH), the largest altcoin, is under the bearish grip, posted a modest loss of over 0.71%.
The downside pressure of ETH seems unavoidable, with the mighty bears, and a steady upturn could disperse the negative market sentiment. In the early hours, the asset traded at a high of $3,244.84, and the powerful bears stormed in, causing the price to go down to a low of $3,007.07. Can Ethereum escape the weak market structure?
At the time of writing, Ethereum traded at around the $3,185.45 range, with the market cap at $384.56 billion. Besides, the daily trading volume has increased by over 77.16%, reaching $33.87 billion. As per the Coinglass data , the market has experienced a liquidation of $169.92 million worth of Ethereum during the last 24 hours.
When Will Ethereum Finally Charge Into Bull Territory?
The ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, which generally indicates a brief bullish momentum. But as both lines are below the zero line, the overall trend is weak . In addition, the Chaikin Money Flow (CMF) indicator at 0.22 suggests strong buying pressure. Also, it hints at a healthy, positive money flow into the asset, supporting the bullish side within the Ethereum market.
ETH chart (Source: TradingView )
Assuming the downside correction gains more traction, Ethereum might slip to the support at around $3,178. If it fails to hold this trading level, it could trigger the death cross to occur, sending the price toward a steady falloff to $3,170. Upon forecasting a recovery move, the ETH price could immediately jump to the $3,192 resistance. With the bulls breaking this range, the upside pressure might initiate the emergence of a golden cross and drive the price above $3.2K.
ETH chart (Source: TradingView )
Moreover, the daily Relative Strength Index (RSI) value is found at 46.04, signalling neutral-to-slightly bearish momentum. The sellers have a slight edge, and the ETH market is neither strongly bullish nor bearish. Ethereum’s Bull Bear Power (BBP) reading of 19.98 implies bullish dominance in the market. With this value, the buyers have a clear upper hand and may push the price above. If it rises further, the likelihood of stronger upside momentum increases.
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