Ethereum (ETH) Bulls in Action: Will It Breeze Past $3.5K or Hit Headwinds?

• After a 6% jump, Ethereum is hovering around the $3.3K level.
• ETH’s daily trading volume has surged by over 53%.

Today, the crypto market has shown some green shades, with the assets being bullish. Most of the digital assets are seeking to escape the bear hold, hoping the upside pressure to stay. The largest asset, Bitcoin (BTC), is trading at $92K. Meanwhile, the largest altcoin, Ethereum (ETH), has bounced back, entered the positive territory, rising more than 6.29%. 

If ETH bulls continue to take command, more gains are ahead, hitting new highs. In the morning hours, the asset traded at a bottom of $3,100.97. With the bullish shift, the price has mounted toward a high range of $3,395.84. The altcoin has tested and broken the crucial resistances to confirm the uptrend. 

Ethereum currently trades at around $3,316.18, with its market cap at $399.86 billion. Besides, the daily trading volume has soared by more than 53.12%, reaching the $34.01 billion mark. The Coinglass data has shown that the market has witnessed an event of liquidation of $143.47 million worth of ETH during the last 24 hours.

Will Ethereum Hold Its Upward Trajectory?

ETH’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line, which indicates growing bullish momentum. This crossover shows that buyers are gaining control, and the asset may enter an uptrend. In addition, the Chaikin Money Flow (CMF) indicator resting at 0.27 suggests strong buying pressure in the Ethereum market. A value above 0 hints at capital inflows, supporting the bullish bias, and leads to healthy accumulation.

ETH chart (Source: TradingView)

The daily Relative Strength Index (RSI) is at 67.78, signalling that Ethereum is showing a strong uptrend. It may approach the overbought zone, where the price gets closer to a level where a pullback or consolidation could occur. Moreover, ETH’s Bull Bear Power (BBP) reading staying at 214.19 infers a strong buying pressure in the market. Notably, the potent bulls may push the price significantly higher. 

The current ETH price pattern reports the ongoing uptrend, and the price could rise toward the $3,330 resistance range. If the bullish correction strengthens, the golden cross might take place, and send the price above $3,345. On the downside, assuming the bears took control, the Ethereum price could fall and find support at the $3,302 level. An extended bearish pressure might trigger the death cross to unfold, and drive the price to its recent low below $3,288.

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