- Ethereum is holding around the $3.8K mark.
- ETH’s daily trading volume is up more than 31%.
The crypto assets are flashing mixed signals, with the fear sentiment lingering in the market. Both green and red flags are waving across the digital assets. Bitcoin (BTC) is struggling to cross the $108K mark. Meanwhile, Ethereum (ETH), the largest altcoin, is attempting a steady recovery but facing back-to-back rejections.
The tug of war between bearish and bullish pressure is driving the ETH price action. As of October 22, the asset has registered a loss of over 0.48%, and its daily high and low were noted at around $4,109 and $3,828, respectively. Notably, ETH’s sturdy upturn could occur if it breaks above the $4.2K threshold.
At the time of writing, Ethereum traded at around the $3,849.30 range, with its market cap touching $466.07 billion. In addition, the daily trading volume has surged by over 31.73%, reaching $49.07 billion. As per the Coinglass data, the market has witnessed a 24-hour liquidation of $166.71 million worth of ETH.
Will Ethereum Break Its Current Trend?
With the negative outlook, the ETH/USDT trading pair could slip to the crucial support range at around $3,842. If the asset fails to hold firm, it may initiate the death cross to unfold, and send the price to its former support below $3,835. Assuming the altcoin opts for a reversal, it could find its nearby resistance at the $3,856 range. A potential bullish pressure might trigger the golden cross to take place, driving Ethereum above $3,863.
Ethereum’s Moving Average Convergence Divergence line and signal line are settled below the zero line, which generally indicates that the downside momentum dominates, and the overall trend is weak. If the MACD line starts moving up, it hints at an early sign of a trend reversal.
ETH chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator of ETH is found at 0.07, suggesting buying pressure in the market, but it is not strong enough. The money is flowing into the asset. If the value rises further above 0.1, it could signal a stronger accumulation or sustained bullish activity.
Moreover, the daily Relative Strength Index (RSI) 44.64 implies that ETH is in a neutral zone, leaning slightly toward the bearish side. The market is balanced, and it could go either way depending on the upcoming momentum. Ethereum’s Bull Bear Power (BBP) reading of -122.80 points out that bearish pressure is dominating the market. The market may continue to face a downturn unless buying momentum picks up.
