Ethereum

Convergence

bullish

Resistance

<ul class="wp-block-list"> 
 <li>Ethereum trades in the $3.2K range, with a brief 1.47% spike.</li> 
 <li>ETH experienced a liquidation of $88.74 million in the market.</li> 
</ul> 
The surge in crypto asset prices ignited a bullish sentiment in the cryptocurrency market. Notably, the global crypto market cap currently settles at $2.99 trillion, with a 3.64% increase over the day. Bitcoin (BTC) hit its new all-time high of $93.4K, which lifted the crypto market.&nbsp; 
Despite the surge, the largest altcoin Ethereum (<a href="https://thenewscrypto.com/will-ethereum-eth-hold-the-3k-line-or-drop-below/" target="_blank" rel="noreferrer noopener">ETH</a>) struggles to break the crucial $3.5K mark after crossing the $3.2K mark. The altcoin began a downside correction and is now consolidating and facing obstacles at $3,260. As per analysts’ predictions, Ethereum’s upside movement could fuel the upcoming altcoin season.&nbsp; 
The asset has recorded a moderate gain of 1.47% over the past 24 hours. With the current bearish momentum, ETH may end up trading to the downside today. At the time of writing, Ethereum <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noreferrer noopener nofollow">trades</a> at $3,224. 
Ethereum has dipped to a low of $3,121 and ascended to $3,337. It’s crucial to note that the market <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">observed</a> a liquidation of $88.74 million worth of Ethereum within this span. Also, ETH’s daily trading volume stays at $48 billion.&nbsp; 
On the other hand, on-chain <a href="https://x.com/lookonchain/status/1856776343440224684" target="_blank" rel="noreferrer noopener nofollow">data</a> reveals that whales are actively accumulating Ethereum. A new whale wallet added 7,389.5 ETH, worth $23.44 million. Over the past 3 days, this <a href="https://thenewscrypto.com/is-the-recent-whale-activity-signaling-trouble-for-ethereum/" target="_blank" rel="noreferrer noopener">whale</a> has collected 18,049 ETH, amounting to $59.3 million. 
<h3 class="wp-block-heading" id="h-will-eth-break-through-key-resistance-soon">Will ETH Break Through Key Resistance Soon?</h3> 
The technical analysis of the ETH/USDT trading pair unveiled a brief negative sentiment as the Moving Average Convergence Divergence (MACD) line settled beneath the signal line. This indicates the incoming negative trend in the market. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc52JbqxBiZ0Vcy0vJ_EBbTiZjqtGzhVotz5XvlQKqwA9VMEt2gM-bXfVle5N5N-KGdFLTOuREVN3rsDvwr2oBzZl4YKQZ3z9WijWbh7JA6k9l4bVmSOvJkh4iItbFPDIptzh4Qsg?key=UqSEUEHsnY3fLNALtPZERwcb" alt="">
 <figcaption class="wp-element-caption">
 ETH chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>) 
 </figcaption>
 </figure>
</div> 
The Chaikin Money Flow (CMF) indicator is at 0.15, suggesting a positive money flow, briefly hinting at the possibility of an upside correction. Meanwhile, ETH’s daily trading volume has slipped by over 11.95%.&nbsp; 
Besides, the existing market <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BINANCE%3AETHUSD" target="_blank" rel="noreferrer noopener nofollow">sentiment</a> of ETH is likely in the neutral zone, as the daily relative strength index (RSI) is positioned at 50.64. In addition, the daily frame of Ethereum exhibits the short-term 50-day moving average above the long-term 200-day moving average. 
Ethereum’s four-hour price chart signals a brief downside correction. After a strong rally, the ETH price has faced a minor pullback. If Ethereum fails to clear the $3,308 resistance, it could likely start a steady downside correction. The immediate support on the downside might be at $3,103. Notably, a decisive drop below the $3K mark could drive the price further down. 
On the contrary, if the ETH bull blocks the asset from dropping below $3.2K, the closest resistance level might be $3,398. If this resistance is broken, Ethereum’s price could potentially climb to the $3.5K mark. 
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Can Ethereum (ETH) Price Reclaim $3.5K Soon?

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