Ethereum (ETH) Breaks Free From Consolidation and Surges Toward $3.5K Mark

• Ethereum bulls have propelled the price to a daily high of $3,545.
• The daily trading volume of ETH has soared by over 86.25%.

The largest altcoin, Ethereum (ETH), has caught up with the crypto market rally. ETH has been in the consolidation phase for the past few weeks, facing mighty challenges in breaking through crucial resistance levels. Ethereum’s price has begun a fresh surge above $3.4K.

Notably, ETH bulls have pushed the price to a daily high of the $3,545 mark, and the price corrected and moved below the $3.5K level. ETH currently trades at $3,426, after briefly gaining 1.16% in the past 24 hours.

It’s crucial to note that the market observed a liquidation of $85.63 million worth of Ethereum within this timeframe. Also, the altcoin’s daily trading volume has reached $53.49 billion.

The weekly outlook of Ethereum exhibits a spike of over 9.35%, with the asset starting trading at $3,133 and has struggled to enter the bullish zone. Gradually, ETH has reached $3,416 and continues to trade within the current price levels.

On the other side, an analysis suggests the risk assessment shows mixed signals for ETH, recommending HOLD with a confidence level of 65%. Although the market is stable, there are no strong indications to either buy or sell.

Will Ethereum’s Uptrend Resume?

The ETH/USDT trading pair demonstrated a brief bearish sentiment. The Moving Average Convergence Divergence (MACD) indicator is positioned below the signal line, suggesting the possibility of an incoming negative trend in the market as the bullish outlook fades.

ETH chart (Source: TradingView)

The technical indicator that measures the money flowing into an asset, the Chaikin Money Flow (CMF) line, is found at 0.11, highlighting a positive money flow. Furthermore, it suggests the likelihood of an upside correction forming. Meanwhile, the daily trading volume of Ethereum has jumped by over 86.25%.

Besides, the four-hour price chart of Ethereum exposed the breach of the crucial threshold at $3.4K. Further gains could propel ETH to step into the bullish territory. If the altcoin continues to gain momentum, it could push the price toward the $3.5K mark. ETH could climb higher if it tests the resistance at $3,594.

Looking at the downside, if the upward trajectory diminishes, ETH’s downside correction might pull back the price to the $3.3K level. A breakdown from this range might trigger a sharp correction toward $3,214. After a prolonged phase of price stagnation, ETH has gained momentum.

Additionally, the 24-hour frame exposes the short-term 50-day moving average above the long-term 200-day moving average. Moreover, the ongoing market sentiment of ETH is neutral, as the daily relative strength index (RSI) is settled at 56.63.

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