Ethereum (ETH) on the Edge: Will Bulls Take Charge or Fade Away?

• Ethereum is trading around the $2.6K mark.
• The market has witnessed $52.43 million worth of ETH liquidations.

With a 1.90% spike, the crypto market opened the day displaying a mix of green and red candles. The largest asset, Bitcoin (BTC), has climbed and is trading at $106.8K. Notably, Ethereum (ETH), the largest altcoin, is attempting to kickstart a bull run, gaining by over 3.55% over the past 24 hours

ETH’s daily low and high have formed at around $2,493.20 and $2,637.35, respectively. The altcoin has broken through the crucial resistance levels at $2,537 and $2,611. At the time of writing, Ethereum trades within the $2,610.72 range, and its market cap is found at $315 billion

Besides, the altcoin’s daily trading volume has increased by over 41.16%, reaching $19.15 billion. According to Coinglass data, the market has observed a liquidation of $52.43 million worth of Ethereum during the last 24 hours

Over the last thirty days, ETH has only spiked by around 5%. The monthly low and high were marked at around $2.3K and $2.8K

Can Ethereum Break Out and Reclaim the Bullish Zone?

Assuming the active downside trading of Ethereum continues, the asset might slip and test the immediate support at the $2,605 level. Also, a steeper drop could push the altcoin price to its previous lows of $2.5K. The emergence of a death cross may trigger ETH to fall even lower

Conversely, in the case of the altcoin reclaiming the bullish momentum, the price might mount to the nearby $2,641 resistance. If the uptrend of Ethereum stays, it could likely target a bullish range between $2,650 and $2,676. To support this price range, a golden cross may unfold

*ETH chart (Source: TradingView)*In addition, the Moving Average Convergence Divergence (MACD) line and signal line of Ethereum have been settled below the zero line. This generally signals the asset’s sturdy bearish condition and the weakening price movement. ETH’s Chaikin Money Flow (CMF) indicator, which confirms the capital flow into the asset, is found at 0.24, hinting at a strong buying pressure and positive money flow into the asset

Ethereum’s daily relative strength index (RSI) is found at 55.79, indicating that it is in the neutral-to-bullish range and may be in the early stages of an uptrend. Moreover, the Bull Bear Power (BBP) value at 107.82 suggests a strong bullish momentum in the market. This high positive value often points to a strong upward move in the market.

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