Will the $3K Breakout Turn Into a Launchpad or a Trap for Ethereum (ETH)?
- Ethereum has spiked by over 2%, jumping into the $3K zone.
- ETH’s daily trading volume has surged by more than 97%.
Following the 3% jump in the crypto market cap, the assets are flashing green waves across the board. Bitcoin (BTC), the largest asset, has broken all barriers and hit a new ATH, while the largest altcoin, Ethereum (ETH), has spiked by over 2.23%, forming a mixed sentiment trend line in the last 24 hours.
ETH’s potential recovery lies above the $3,154 mark. Repeated breakout attempts have failed for the altcoin, sliding into deep corrections. Continued upward movement hinges on bull persistence. The price of the altcoin was unable to cross the $3K threshold.
Ethereum’s intraday trading has sent the price to its daily low of $2,948. With the mighty bulls stepping in, the altcoin has climbed to a high of $3,079, breaking its crucial resistance between $2,956 and $3,072.
At the time of writing, Ethereum traded at around $3,038, with a market cap of $366.90 billion. Notably, the daily trading volume has increased by over 97%, reaching $30.51 billion. As per Coinglass, the market observed a 24-hour liquidation of $92.72 million worth of Ethereum.
Will Ethereum Take the Lead in the Market Again?
The four-hour technical indicators’ analysis of ETH reports that the Moving Average Convergence Divergence (MACD) line has briefly crossed below the signal line. It indicates a temporary shift toward bearish momentum or is not strong enough to confirm the downtrend. Besides, the Chaikin Money Flow (CMF) indicator sits at 0.07, hinting at a moderate buying pressure and a steady positive flow of money into the asset.
The ETH/USDT trading pair’s recent trading session on the upside might trigger the asset to climb and likely test the nearby $3,044 resistance range. Upon breaking this level, the bullish correction could invite the golden cross to take place, sending the Ethereum price toward $3,052, bringing the $3.1K target closer.
Assuming the dominance of bears strengthened, the ETH price could immediately retrace to the support at $3,031. If the downside correction continues, the altcoin might push the death cross to unfold and plunge toward its former lows. Failing to hold the mark may open the door for a deep dive below $3,024 zone.
Furthermore, the Bull Bear Power (BBP) value stationed at 128.02 signals a strong bullish dominance in the market, with significant upward strength. Ethereum’s daily Relative Strength Index (RSI) is positioned at 75.29, which implies its overbought condition, with a pullback or consolidation ahead.
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Will the $3K Breakout Turn Into a Launchpad or a Trap for Ethereum (ETH)?
- Ethereum has spiked by over 2%, jumping into the $3K zone.
- ETH’s daily trading volume has surged by more than 97%.
Following the 3% jump in the crypto market cap, the assets are flashing green waves across the board. Bitcoin (BTC), the largest asset, has broken all barriers and hit a new ATH, while the largest altcoin, Ethereum (ETH), has spiked by over 2.23%, forming a mixed sentiment trend line in the last 24 hours.
ETH’s potential recovery lies above the $3,154 mark. Repeated breakout attempts have failed for the altcoin, sliding into deep corrections. Continued upward movement hinges on bull persistence. The price of the altcoin was unable to cross the $3K threshold.
Ethereum’s intraday trading has sent the price to its daily low of $2,948. With the mighty bulls stepping in, the altcoin has climbed to a high of $3,079, breaking its crucial resistance between $2,956 and $3,072.
At the time of writing, Ethereum traded at around $3,038, with a market cap of $366.90 billion. Notably, the daily trading volume has increased by over 97%, reaching $30.51 billion. As per Coinglass, the market observed a 24-hour liquidation of $92.72 million worth of Ethereum.
Will Ethereum Take the Lead in the Market Again?
The four-hour technical indicators’ analysis of ETH reports that the Moving Average Convergence Divergence (MACD) line has briefly crossed below the signal line. It indicates a temporary shift toward bearish momentum or is not strong enough to confirm the downtrend. Besides, the Chaikin Money Flow (CMF) indicator sits at 0.07, hinting at a moderate buying pressure and a steady positive flow of money into the asset.
The ETH/USDT trading pair’s recent trading session on the upside might trigger the asset to climb and likely test the nearby $3,044 resistance range. Upon breaking this level, the bullish correction could invite the golden cross to take place, sending the Ethereum price toward $3,052, bringing the $3.1K target closer.
Assuming the dominance of bears strengthened, the ETH price could immediately retrace to the support at $3,031. If the downside correction continues, the altcoin might push the death cross to unfold and plunge toward its former lows. Failing to hold the mark may open the door for a deep dive below $3,024 zone.
Furthermore, the Bull Bear Power (BBP) value stationed at 128.02 signals a strong bullish dominance in the market, with significant upward strength. Ethereum’s daily Relative Strength Index (RSI) is positioned at 75.29, which implies its overbought condition, with a pullback or consolidation ahead.
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