Ethereum Eyes $2K: Will the Bulls Take Charge This Time?
- Ethereum is holding around the $1.8K mark.
- ETH’s daily trading volume has surged by over 52%.
The crypto assets have entered the neutral zone, with mixed sentiment lingering in the market. The largest altcoin, Ethereum (ETH), has attempted recovery and continues to get pulled back by the bearish pressure, slipping by 0.15% over the last 24 hours.
ETH’s potent upturn could occur only once it breaks above the $2K threshold. The altcoin opened the day trading at $1,783. The brief bullish command has triggered the price to hit a high at $1,827, and it failed to hold the range, sliding down to a low of $1,747.
At the time of writing, Ethereum traded within the $1,801 range, with its market cap reaching $217 billion. The daily trading volume has touched $15.65 billion. Furthermore, the market observed a liquidation of $43.21 million worth of ETH during this period.
Notably, Ali’s chart shows that Ethereum is currently trading below a key resistance level around $1,950. According to the SuperTrend indicator, a daily close above that range would flip the trend bullish and trigger a new buy signal.
Assessing Ethereum’s Potential for a Trend Reversal
If the negative sentiment persists, the ETH/USDT trading pair could retrace to the crucial support at the range of $1,756. A failure to hold firm at this trading level might invite a death cross, likely sending the price toward a steady plunge at around $1.6K or even lower.
Looking for a turnaround, the altcoin could immediately find its resistance at the $1,832 range. A potent upside correction might drive Ethereum to a test of around $1.9K resistance. This emerging bullish pressure may have the potential to initiate a sustained uptrend.
ETH’s Moving Average Convergence Divergence (MACD) line has crossed below the signal line. This implies a bearish crossover, and the asset’s price may continue its downtrend, and the weakness could follow.
In addition, the Chaikin Money Flow (CMF) indicator of ETH settled at 0.03, signaling slight buying pressure, and the money is flowing into the asset. Meanwhile, the daily trading volume has increased by over 52.09%.
The daily relative strength index (RSI) at 51.96 indicates a neutral market condition, neither overbought nor oversold. Moreover, the Bull Bear Power (BBP) reading of 1.00 suggests that currently the bulls are dominant within the market.
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Ethereum Eyes $2K: Will the Bulls Take Charge This Time?
- Ethereum is holding around the $1.8K mark.
- ETH’s daily trading volume has surged by over 52%.
The crypto assets have entered the neutral zone, with mixed sentiment lingering in the market. The largest altcoin, Ethereum (ETH), has attempted recovery and continues to get pulled back by the bearish pressure, slipping by 0.15% over the last 24 hours.
ETH’s potent upturn could occur only once it breaks above the $2K threshold. The altcoin opened the day trading at $1,783. The brief bullish command has triggered the price to hit a high at $1,827, and it failed to hold the range, sliding down to a low of $1,747.
At the time of writing, Ethereum traded within the $1,801 range, with its market cap reaching $217 billion. The daily trading volume has touched $15.65 billion. Furthermore, the market observed a liquidation of $43.21 million worth of ETH during this period.
Notably, Ali’s chart shows that Ethereum is currently trading below a key resistance level around $1,950. According to the SuperTrend indicator, a daily close above that range would flip the trend bullish and trigger a new buy signal.
Assessing Ethereum’s Potential for a Trend Reversal
If the negative sentiment persists, the ETH/USDT trading pair could retrace to the crucial support at the range of $1,756. A failure to hold firm at this trading level might invite a death cross, likely sending the price toward a steady plunge at around $1.6K or even lower.
Looking for a turnaround, the altcoin could immediately find its resistance at the $1,832 range. A potent upside correction might drive Ethereum to a test of around $1.9K resistance. This emerging bullish pressure may have the potential to initiate a sustained uptrend.
ETH’s Moving Average Convergence Divergence (MACD) line has crossed below the signal line. This implies a bearish crossover, and the asset’s price may continue its downtrend, and the weakness could follow.
In addition, the Chaikin Money Flow (CMF) indicator of ETH settled at 0.03, signaling slight buying pressure, and the money is flowing into the asset. Meanwhile, the daily trading volume has increased by over 52.09%.
The daily relative strength index (RSI) at 51.96 indicates a neutral market condition, neither overbought nor oversold. Moreover, the Bull Bear Power (BBP) reading of 1.00 suggests that currently the bulls are dominant within the market.
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