- Ethereum is trading close to the $4.5K level.
- The ETH market is recording $38.85M in liquidations.
As of October 6, the crypto market is oscillating between red and green zones. With the Fear and Greed Index value holding at around 59, the overall market sentiment is neutral. The largest asset, Bitcoin (BTC), is currently trading at $124K. Meanwhile, Ethereum (ETH), the largest altcoin, is trying to kickstart an upside move.
Over the last 24 hours, the altcoin has registered a spike of over 0.73%, and it opened the day trading at around the bottom range of $4,480. Later, with the brief bullish turn, the price tested the decisive resistance between $4,485 and $4,573. Gradually, ETH climbed to a high of $4,578.
At the press time, Ethereum traded within the $4,567 mark, with its market cap reaching $552.03 billion. Besides, the daily trading volume has dropped by over 25.55%, touching the $31.22 billion level. The crypto data platform, CoinGlass , has reported that the market has experienced a 24-hour liquidation of $38.85 million worth of Ethereum.
Will the Ethereum Bulls Clear the Critical Wall?
Ethereum’s Moving Average Convergence Divergence (MACD) is found below the signal line, which points to the bearish momentum. Also, the price could continue to decline. This is a sign of weakening bullish strength. In addition, the Chaikin Money Flow (CMF) indicator at 0.05 hints at a slightly positive buying pressure in the ETH market. The money is flowing into the asset, but not very strongly.
ETH chart (Source: TradingView )
The four-hour price chart of Ethereum reveals that the price is in the bearish zone. It could fall and find a nearby support at around $4,561. An extended downside correction might trigger the death cross to take place. The sturdy bears may send the price to its former low below $4,555.
On the upside, assuming the altcoin reversed the ongoing momentum, the initial resistance might be tested and hit at $4,573. A potential bullish correction could invite the golden cross to unfold, which would push the Ethereum price up toward the $4,580 level or even higher.
ETH’s daily Relative Strength Index (RSI) is positioned at 63.45, suggesting that the asset is showing moderate bullish momentum. There is enough room for the price to go up before reaching the overbought level . Moreover, the Bull Bear Power (BBP) value of 72 indicates strong bullish strength in the market. The buyers are dominating the sellers and are pushing the price higher.
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