#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $SOL
Ethereum is currently trading in the range of $2.9 thousand.
The daily trading volume of Ethereum has increased by more than 44%.
A slight increase of 1.19% in market value has brought it to $2.97 trillion. This has resulted in mixed signals in cryptocurrency prices, causing them to fluctuate up and down. Bitcoin (BTC), the largest cryptocurrency, is trying to enter the bullish zone and exit the bearish zone. In contrast, Ethereum (ETH), the largest altcoin, is facing ongoing bearish pressure.
The cryptocurrency has gained over 3.73% in the last twenty-four hours. Ethereum prices today ranged between $2777.12 and $2994.55. If buyers strengthen their position, they may form an upward trend line. However, if these attempts fail, the price may lose momentum in the market.
At the time of writing this report, the price of Ethereum was trading within the range of $2959, with a market capitalization of $356.61 billion. In addition, the daily trading volume of the coin increased by more than 44.72%, reaching $37.15 billion. According to Coinglass data, the market experienced liquidations worth $158.28 million of Ethereum over the past twenty-four hours.
Can Ethereum reverse its trend and rise?
The Moving Average Convergence Divergence (MACD) line and the signal line for Ethereum, which are below the zero line, indicate bearish momentum. Notably, the short-term price trend is weaker than the long-term trend. Furthermore, the Chaikin Money Flow (CMF) indicator at 0.06 indicates slight buying pressure in the Ethereum market. Money is flowing into the asset, indicating early accumulation, but it is not strong enough to confirm a strong bullish trend.
ETH chart (Source: TradingView)
With the ongoing downward correction, the price of Ethereum may return to the support area at $2947. A potential downward pressure could lead to the formation of a 'dead cross' pattern, pushing the price below the range of $2935. Conversely, if Ethereum's momentum turns bullish, it may rise and find resistance at the level of $2971. A breakout of this level is likely to lead to a strong bullish shift, and a 'golden cross' pattern will emerge to push the price toward $2983.
Moreover, the Bull and Bear Power (BBP) reading for Ethereum at 101.29 indicates strong bullish dominance in the market, reflecting bullish momentum. Higher readings may suggest an overextended state. The daily Relative Strength Index (RSI) for Ethereum at 52.40 indicates neutral momentum. Notably, there is no clear control from buyers or sellers, which is common during accumulation phases.$ETH
