Ethereum

Bitcoin

<ul>
 <li>In the last 24 hours, Ethereum broke the $3K resistance to hit $3.2K.</li>
 <li>ETH’s daily trading volume soared by 8.77%.</li>
</ul>
The global crypto market has been going through an extended bearish phase over the past few weeks. Over the last 24 hours, crypto traders liquidated nearly $151.5 million from the market. Notably, Ethereum (ETH) liquidations exceeded Bitcoin’s over the day.
According to Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>, Ethereum market recorded liquidations worth $49.78 million whereas <a href="https://thenewscrypto.com/crypto-liquidations-surge-to-163-million-following-bitcoin-btc-crash-in-depth-analysis/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>’s recorded $39.7 million. Amid this, Ethereum displayed a brief rally to hit $3.2K. But the largest altcoin failed to sustain the momentum and declined back into the $3K zone.&nbsp;&nbsp;
Despite setting a weekly high after a prolonged struggle, ETH currently trades at $3,058. According to CMC, it observed a 8.77% surge in daily trading volume and recorded $15.16 billion.&nbsp;
Meanwhile, multiple Ethereum whale movements have been majorly recorded across Coinbase. 37,865 ETH ($116M) were moved by three anonymous whales to Coinbase. Another transfer of 7,170 ETH ($22M) from Coinbase Institutional to an unknown wallet was noted within the last 24 hours, as per WhaleAlert <a href="https://x.com/whale_alert" target="_blank" rel="noopener noreferrer nofollow">data</a>.
On the other hand, the community awaits the upcoming launch of spot Ethereum exchange-traded funds (<a href="https://thenewscrypto.com/vaneck-and-21shares-update-s-1-filings-for-spot-ethereum-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">ETF</a>s), anticipating a substantial price momentum for ETH.&nbsp;
<h3 class="wp-block-heading" id="h-will-eth-see-a-potential-uptrend-or-downtrend">Will ETH See A Potential Uptrend or Downtrend?</h3>
On the 24-hour price chart, the short-term 9-day moving average (9MA) of $3,102 hovers above the current price action, indicating a bearish trend. While the daily relative strength index (RSI) at 37.60 indicates the asset’s oversold condition.&nbsp;
Over the past week, Ethereum was up by 4.57%, hitting a weekly low of $2,830 and the highest at $3,191. Looking at the monthly time frame, the largest altcoin plunged nearly 13% from a high of $3,648.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXe1DNeQ32VH8Cl7R6CNfe6bt3Zf37ntyVDQFrb-Y4158HxlaR2goeonfEqrObIndn8RysSDpbFvP_u6RcCImZNtZ21UV4dCKQKMqWDMhR-XP9TJmpJHcaUtIvXcE7K5kBtaVMwgcFK-vnTQzGg6Opbm-0U?key=pDdndVYfzTaemipFLNFz-g" alt="">
 <figcaption class="wp-element-caption">ETH Price Chart (Source: <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BITSTAMP%3AETHUSD" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
If a bullish reversal occurs and the $3.2K range is surpassed, ETH may test a resistance at $3,363. Furthermore, it might test a higher resistance around the $3,596 range if the uptrend becomes strong. If ETH fails to defeat the bearish pull, it may drop to $2,887. The subsequent support may seemingly be found in the $2,730 range.&nbsp;
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Is ETH Price Set to Fall as Ethereum Exceeds Bitcoin in Liquidation?

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