The crypto market was painted red, during media time. Ethereum [ETH] followed the footsteps of several other altcoins and researched the bearish realm. Bitcoin [BTC], nevertheless, was spotted recording a tasty surge. Though the king coin was trading at $37K, it had to establish a clear line of resistance or support.
Just if the global crypto market cap was discovering some development, Bitcoin’s market cap fell back below $700 billion, further pushing the overall amounts to $1. 58 trillion.
At the time of writing, Ethereum [ETH] was trading for $2,459 with a 3. 69% slump in the last 24-hours. This week wasn’t great for the altcoin since it dipped by 6. 89%. ETH was undoubtedly the star of this current crypto rally. The altcoin climbed from a low of $400 all the way to a high of $4,362. 35.
ETH stayed untouched as the second-largest cryptocurrency, with its market cap at $285 billion. The disparity between the 2nd largest cryptocurrency in addition to the third was significantly high, further removing the latter’s possibility of taking on ETH.
Ethereum [ETH] one-hour price graph on Binance
The short-term cost graph of ETH demonstrated the altcoin was going for a reversal in its trend. The bears were finally bidding adieu to the ETH market. The Chaikin Money Flow [CMF] indicator noted a radical change. The CMF mark was observed making its way onto the bullish arena after regular visits to the bearish zone. The Awesome Oscillator exhibited a similar idea by forming green closing bars.
Despite the bullish sentiment in the current market, the selling action preceded the buying activity, the Money Flow Index index noted.
Ethereum [ETH] one-day cost chart on Binance
The one-day price chart of ETH also echoed similar notions as its short term chart. The Parabolic SAR indicator shaped dotted lines below the candlesticks and welcomed the bull. The MACD line was close to the signal line almost making it difficult to comprehend the existing trend. However, it had been inclining towards the bull with a bullish crossover.
Selling activity was high from the ETH marketplace as the Relative Strength Index mark was below the 50 median.