Ethereum has crossed into the $3.7K zone.
The market witnessed a liquidation of $44.53 million in Ethereum.
With Bitcoin hovering between $96K and $93K, the crypto market is watching closely for signs of a bullish pattern aiming for $100K after clearing the $99K barrier. Amid the anticipated altcoin season, the largest altcoin, Ethereum (ETH) witnessed a notable recovery.
The ETH price is steadily holding at $3.7K, with analysts predicting a December rally to $4,000. Ethereum price opened the trading day on a bullish note. Ethereum has registered a moderate spike of over 3.30% in the past 24 hours. As of this writing, ETH traded at $3,719.
The asset has visited its lowest price of $3,504 and mounted to a peak of $3,743. Notably, the market has observed a liquidation of $61.08 million worth of Ethereum as per Coinglass data. Concurrently, the daily trading volume of ETH has reached 44.53 billion.
Over the past thirty days, Ethereum has jumped by 50%, showing strong momentum to hit new highs. Starting the month at $2,475, the asset eventually chose to trade on the upside without losing below the $3K mark.
On the other side, an analyst chart indicates that ETH is approaching a diagonal resistance. While a major breakout is expected and could last for several months, there might be a final shakeout before this upward move gains momentum. For those entering the market out of FOMO, this could be one of the last opportunities to buy at a lower price.
Will Ethereum See Continued Upside?
The four-hour price chart of ETH exhibits that the asset has broken the crucial threshold at $3.7K. If the altcoin’s uptrend strengthened, it could likely test the nearby resistance levels at $3,864 and $3,953. Breaking past these ranges might push the Ethereum price toward the $4K mark.
On the flip side, if ETH’s downtrend forms and the bearish pressure intensifies, the altcoin’s price could face a correction at $3,614. The inability of Ethereum to maintain this level could accelerate a sharp downturn toward $3,500 or even lower.
The altcoin’s daily frame displays the short-term 50-day moving average crossing the long-term 200-day moving average. In addition, the current market sentiment of Ethereum is in the neutral zone, as the daily relative strength index (RSI) is settled at 61.79.
The ETH/USDT trading pair exposed the brief bullish momentum with the Moving Average Convergence Divergence (MACD) line found above the signal line. This crossover signals the incoming uptrend in the market, as the bearish pressure diminishes.
ETH chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator laid at 0.04, suggests the positive money flow within the ETH market with moderate buying pressure. Meanwhile, Ethereum’s daily trading volume has surged by over 12.94%.
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