• Ethereum price has gained over 6% in the last 24 hours  
  • The market saw $49.63 million worth of Ethereum liquidated.

A brief bullish energy nurtures the crypto market, lifting Bitcoin (BTC) toward $105K and Ethereum (ETH) to $3.4K. The largest altcoin has begun a modest upside correction with a gain of over 6%.  

Ethereum continues combat below $4K, surpassing the $3,360 and $3,387 resistance levels. The recovery efforts of the altcoin remained weak as the price volatility persisted. 

It is crucial to note that ETH’s price reached an ATH of $4,891.70 three years ago and has been unable to breach this barrier since. The overall momentum of Ethereum is facing bear pressure. 

Over the past 24 hours, ETH formed a high of $3,417 while the low stood at $3,188. At press time, the altcoin traded at $3,406, with its daily trading volume reaching $35.64 billion. Furthermore, the market has observed a liquidation of $49.63 million worth of Ethereum during this timeframe. 

ETH Poised to Surge or Stall?

ETH’s trading pattern unveils a brief uptick and if the altcoin establishes a potent uptrend , it might target resistance at the $3,422 level. Breaking through the $3,457 mark is crucial for Ethereum’s recovery. Sustaining above this mark would initiate a rally targeting the $3.6K range.

If the immediate support level of the altcoin is found at $3,391, the downside correction could trigger a decline toward $3,370. Failing to maintain this level could stall ETH’s recovery. With weakening buying pressure, the price could delay its path to the $3,500 mark. 

The Moving Average Convergence Divergence (MACD) line of Ethereum is above the signal line. This crossover likely indicates bullish momentum. However, the signal line remains below the zero line, which infers the altcoin’s broader sentiment is bearish. 

Is Ethereum (ETH) Set to Break Out or Face Resistance? image 0 ETH chart (Source: TradingView )

Moreover, the Chaikin Money Flow (CMF), which confirms the capital flow into the asset, is stationed at 0.16. It suggests strong buying pressure within the market. Meanwhile, the daily trading volume of ETH has surged by over 64.82%. 

The daily trading window of Ethereum displays the short-term 50-day moving average beneath the long-term 200-day moving average. Besides, the daily relative strength index (RSI) at 58.67 points out moderate bullish movement with room for further uptrend.

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