- After an 8.5% jump, Ethereum surpassed the $3,000 mark.
- The market has witnessed more than $260 million in ETH liquidation.
Bitcoin destroyed all records, hitting a new all-time high at $117,295. In particular, the crypto market jumped over 6.17%, reaching $3.68 trillion. All major assets have entered the green zone. The largest Altcoin, Ethereum (ETH), has broken a key barrier with a steady recovery of over 8.51%.
The bullish encounter raised prices and regained the high. Ethereum opened a trading day to ring the bullish bell. The daily lows and highs of the assets were marked at $2,761 and $3,028. At the time of writing, ETH was traded at the mark of around $3,019, with a market capitalization of $363.65 billion.
At the same time, ETH’s daily trading volume surged by more than 35.53% to $383.8 billion. According to Coinglas data, the market has witnessed the liquidation of Ethereum worth $2604 million.
Over the past seven days, Altcoin has recorded profits of over 17.61%, showing signs of recovery. Starting weekly trading at $2.4k, ETH ultimately chose to move upwards to its current trading mark.
Will the Ethereum Bulls keep their momentum alive?
The ETH/USDT trading pair exposed active bullish momentum as the moving average convergence branch (MACD) line settled above the signal line. This means an upward trend in the market as the price of the asset may continue to rise. Moreover, the Chaikin Money Flow (CMF) indicator at 0.27 pointed out strong purchasing pressure. In particular, funds flow into assets.
ETH Chart (Source: TradingView)
ETH’s four-hour trading window reports that critical resistance has been destroyed and the upward trend is strengthened. Prices have risen, with a range of resistances ranging from $3,026 to $3,060. Passing these ranges, the bull can start a golden cross and push Ethereum prices up to a new high.
Conversely, assuming Ethereum forms a downtrend, it could pave the way for bear pressure to face corrections below $3,008. The inability of ETH to hold this range may push a powerful bear to invite a cross of death.
ETH Chart (Source: TradingView)
Additionally, Altcoin’s ongoing market sentiment is deeply bought as its Daily Relative Strength Index (RSI) value was found at 85.93. A strong upward momentum can lead to a price correction or pullback. Ethereum’s Bull Bear Power (BBP) 296.12 reading suggests a strong bullish domination in the market, pushing prices above average.