- Ethereum remains at a level of approximately $38,000.
- ETH daily trading volume increased by over 31%.
Cryptocurrencies are sending mixed signals, and there remains a sense of fear in the market. Both green and red flags are being waved across digital assets. Bitcoin (BTC) is struggling to break above the $108,000 level. Meanwhile, Ethereum (ETH), the largest altcoin, is attempting a steady recovery but is facing a series of rejections.
A tug of war between bearish and bullish pressure is causing ETH price fluctuations. As of October 22nd, the asset had recorded a loss of over 0.48%, with the high and low prices for the day being approximately $4,109 and $3,828, respectively. In particular, a solid rally could occur if ETH crosses the $4.2,000 threshold.
At the time of this writing, Ethereum is trading in a range of around $3,849.30, giving it a market capitalization of $466.07 billion. Also, the daily trading volume surged more than 31.73% to $49.07 billion. According to data from Coinglass, $166.71 million worth of ETH was liquidated on the market in 24 hours.
Will Ethereum break the current trend?
Due to the negative outlook, the ETH/USDT trading pair could fall to the key support range around $3,842. If the asset fails to hold strong, a death cross could begin to develop and push the price below the previous support at $3,835. Assuming the altcoin opts for a reversal, it could find resistance near the $3,856 range. Potential bullish pressure could trigger a golden cross and push Ethereum above $3,863.
Ethereum's moving average convergence divergence line and signal line have settled below the zero line, indicating that the downward momentum is generally dominant and the overall trend is weak. If the MACD line begins to rise, it suggests an early sign of a trend reversal.
ETH chart (Source: TradingView)
Additionally, ETH’s Chaikin Money Flow (CMF) indicator is 0.07, suggesting market buying pressure, but not strong enough. Money is flowing into assets. If this value rises further above 0.1, it could indicate stronger accumulation or sustained bullish activity.
Moreover, the daily Relative Strength Index (RSI) of 44.64 suggests that ETH is in the neutral zone and leaning slightly on the bearish side. The market is balanced and could go either way depending on future momentum. Ethereum’s Bull Bear Power (BBP) value of -122.80 indicates that bearish pressure is dominating the market. Unless buying momentum picks up, the market could continue to face weakness.
