Ethereum holds steady at $3.1K, unable to break past this barrier.
The market witnessed a liquidation of $23.93 million in Ethereum.
The recent crypto market rally, driven by Bitcoin’s new all-time high, has fueled a positive market sentiment. Consequently, traders shifted focus to Ethereum, which initially outperformed other altcoins. However, Ethereum faced criticism as it lagged, unable to reach higher levels.
Analysts predict Ethereum might explode after breaking steadily above the crucial $3.3K mark. In the coming days, it will be crucial for Ethereum to soar above $3.1K, as the asset has formed a bearish reversal signal.
The largest altcoin has spiked 0.44% over the past 24 hours. With the ongoing bearish price action, ETH chose to trade on the downside. At press time, Ethereum is trading at $3,118, with its market cap resting at $375 billion.
Notably, the asset has dipped to a low of $3,044 and jumped to a high of $3,160. And the market observed a liquidation of $23.93 million worth of Ethereum during this timeframe. In the meantime, the daily trading volume of ETH rests at 25.14 billion.
On the other hand, the weekly outlook of ETH displays a loss of over 0.30%. The asset began trading at $3,147 and fluctuated in a bullish pattern. From the mid-week, ETH lost its momentum and traded on the downside, plummeting to $3.024.
What’s Ahead for ETH?
The four-hour price chart of ETH reveals the ongoing downward momentum. As the asset surpassed $3K, the market anticipates a fresh bull run gaining further. But Ethereum remains the same, grappling to enter the bullish zone. The current pace might drive the asset toward the $2.8K range. Extended losses might push the asset even lower.
On the contrary, if ETH could stretch out to the $3,236 mark, it might likely kickstart an upside correction. If the bullish momentum sustains, the asset might lead the Ethereum price to climb higher.
Moreover, the technical indicators of Ethereum exposed a negative outlook, with the Moving Average Convergence Divergence (MACD) line found below the signal line, forecasting the continued bearish trend in the market.
Besides, the Chaikin Money Flow (CMF) indicator is positioned at 0.03, suggesting a brief positive money flow. Meanwhile, Ethereum’s daily trading volume has plunged by over 14%.
ETH chart (Source: TradingView)
The current market sentiment for ETH is neutral, as the daily relative strength index (RSI) sits at 51.06. The asset’s daily frame shows the short-term 50-day moving average above the long-term 200-day moving average.
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