Ethereum

Flow

Bitcoin

<ul class="wp-block-list">
 <li>Ethereum trades at $2.4K, moderately spiked over the past 24 hours.</li>
 <li>ETH price influences the altcoin market sentiment and activity.</li>
</ul>
Altcoins in the market have shown mixed signals, with Ethereum, the largest altcoin, suffering to hold its ground. ETH price is at a critical juncture as it hovers near key resistance and support levels.&nbsp;
Notably, over the past 24 hours, ETH witnessed a moderate spike of 1.54%. At the press time, Ethereum traded at $2,423 with a market cap of $291 billion. Besides, the asset recorded the lowest price at $2,353, and the highest at $2,440, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.
The market <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">observed</a> a liquidation of $20.86 million worth of ETH during this timeframe, as per CoinGlass. Meanwhile, the daily trading volume of the altcoin stays at $12.85 billion.&nbsp;
Furthermore, as per the analyst, the crypto market <a href="https://x.com/DaanCrypto/status/1842236995319558592" target="_blank" rel="noopener noreferrer nofollow">shows</a> a strong desire to rise with an upward move of Ethereum. For an altcoin rally to occur, <a href="https://thenewscrypto.com/franklin-templeton-proposes-bitcoin-and-ethereum-index-etf/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> needs to take the lead, as it’s still considered the primary indicator of risk appetite in the altcoin market.
<h3 class="wp-block-heading" id="h-can-eth-break-the-key-resistance">Can ETH Break the Key Resistance?</h3>
The notable plunge of ETH by 9.45% over the past week triggered the asset to trade below the $2.4K mark. The week began trading at $2,674, eventually, the asset slid to the $2.3K range.&nbsp;
The asset’s four-hour price chart reveals the daily relative strength index (RSI) at 44.93, in the neutral zone. Besides, the daily frame of Ethereum highlights the short-term 9-day and long-term 21-day moving averages noted below the current price at $2,404 and $2,401 respectively.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdJ6nNI-iTU2taCPNRu_8yYsptHEaKmRXaaTqIjEBKEPfKXJ4r_YWwBIqtFpv-X-NyWtnxtOVcZSPP3O9Gfs2KM6ed2v2ot_YUPKiZ7-wpvsF35lzV5PyNvVfplETdhxrsx79KfqtnSAwShFucrNGdxhi3d?key=E9X9drDnPi6AmDCgaWpY0Q" alt="">
 <figcaption class="wp-element-caption">ETH price chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
In addition, the Chaikin Money Flow (CMF) indicator is positioned at 0.12, an increased money flow with selling pressure is suggested. However, the trading volume has plummeted by 22.44%.
If Ethereum could break out at the $2,500 zone, it would likely push the price further and test the $2,648 resistance. However, on the downside, if ETH fails to hold the $2.5K mark, it may enter into and prolong a period of consolidation. This has the potential to fall back to the $2,290 range.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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