Ethereum (ETH) Explodes Past Stagnation with an Over 8.5% Gain

• After an 8.5% jump, Ethereum has crossed the $3K mark.
• The market witnessed over $260 million in ETH liquidations.

Bitcoin smashed past all records, hitting a new all-time high at $117,295. Notably, the crypto market has jumped by over 6.17%, reaching $3.68 trillion. All the major assets have entered the green zone. The largest altcoin, Ethereum (ETH), has posted a steady recovery of over 8.51%, breaking crucial barriers.

The bullish encounter has sent the price up, reclaiming the former highs. Ethereum opened the trading day ringing the bullish bells. The asset’s daily low and high were marked at $2,761 and $3,028. As of this writing, ETH traded at around the $3,019 mark, with its market cap reaching $363.65 billion.

Concurrently, the daily trading volume of ETH has surged by over 35.53%, touching $38.38 billion. As per the Coinglass data, the market has witnessed a liquidation of $260.04 million worth of Ethereum.

Over the past seven days, the altcoin has recorded a gain of over 17.61%, showing signs of recovery. Starting the week trading at a low of $2.4K, ETH eventually chose to move upside to the current trading mark.

Will Ethereum Bulls Keep the Momentum Alive?

The ETH/USDT trading pair has exposed the active bullish momentum with the Moving Average Convergence Divergence (MACD) line settled above the signal line. This implies the uptrend in the market, with the asset’s price may continue to rise. Besides, the Chaikin Money Flow (CMF) indicator, which lies at 0.27, pointed out a strong buying pressure, and notably, the money is flowing into the asset.

ETH chart (Source: TradingView)

ETH’s four-hour trading window reports that the crucial resistance is broken, and the uptrend is strengthened. The price might climb and test a series of resistance ranges between $3,026 and $3,060. Breaking past these ranges could trigger the bulls to initiate the golden cross and push the Ethereum price toward new highs.

Contrarily, assuming Ethereum forms a downtrend and the bearish pressure could pave the way to face a correction below the $3,008 level. ETH’s inability to hold this range might push the potent bears to invite the death cross, which likely accelerates a steep downturn toward a low of $2,970 or even lower.

ETH chart (Source: TradingView)

In addition, the ongoing market sentiment of the altcoin is deeply overbought, as the daily Relative Strength Index (RSI) value is found at 85.93. The strong upward momentum may lead to a price correction or pullback. Ethereum’s Bull Bear Power (BBP) reading of 296.12 hints at a strong bullish dominance in the market and pushes the price above the average.

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