#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $BTC
Ethereum is currently trading at approximately $3.1 thousand.
Ethereum's daily trading volume saw a massive increase of over 130%.
The rise in the cryptocurrency market by 1.72% has pushed currencies into the green zone briefly. Prices are trying to gain momentum to reach their recent highs. However, the market is still in a state of fear, with the fear and greed index at 24. At the same time, Ethereum (ETH) has started trading higher.
The altcoin has risen by more than 2.65% over the past 24 hours, and in the early trading hours, the price of Ethereum was low at $2,930.65. With this rise, the price peaked at $3,148.77. Any further increase for the largest altcoin may encourage bullish traders to enter a steady uptrend.
As of the time of publication, the price of Ethereum was trading at around $3,126, with its daily trading volume increasing by more than 130.96%, reaching $23.91 billion. Furthermore, Coinglass data reported that the market experienced a liquidation of $184.24 million of ETH during this period.
Will Ethereum continue to capitalize on this early bullish momentum?
The Moving Average Convergence Divergence (MACD) line for Ethereum is above the signal line. This crossover indicates a shift in momentum towards the bullish direction, but not strong enough. Additionally, the Chaikin Money Flow (CMF) index settled at 0.10, indicating light buying pressure in the Ethereum market. It’s a positive signal but moderately bullish. Money is flowing into the asset.
ETH chart (Source: TradingView)
The focus on the ETH/USDT trading pattern over four hours shows that the price may rise to the nearest resistance level at around $3,136. An extended upward correction could trigger the formation of a golden cross pattern, pushing the price into the $3,146 range.
Assuming a bearish reversal for Ethereum, the price may drop to the immediate support level at $3,116. The bearish trajectory of the altcoin could trigger the emergence of a deadly cross pattern, pushing the price towards its previous lows at $3,106 or lower.
Moreover, the stability of the daily Relative Strength Index (RSI) for Ethereum at 56.91 indicates slight bullish momentum. The current value is above the neutral level of 50, but it is far from the overbought zone. The reading of the Bull Bear Power (BBP) indicator for Ethereum, at 92.44, indicates strong bullish dominance. Notably, buyers in the market are very strong and show significant upward pressure and momentum.$BNB
