• In the last 24 hours, Ethereum broke the $3K resistance to hit $3.2K.
  • ETH’s daily trading volume soared by 8.77%.

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 data , Ethereum market recorded liquidations worth $49.78 million whereas BTC ’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.  

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. 

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 data .

On the other hand, the community awaits the upcoming launch of spot Ethereum exchange-traded funds ( ETF s), anticipating a substantial price momentum for ETH. 

Will ETH See A Potential Uptrend or Downtrend?

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. 

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.

Is ETH Price Set to Fall as Ethereum Exceeds Bitcoin in Liquidation? image 0 Is ETH Price Set to Fall as Ethereum Exceeds Bitcoin in Liquidation? image 1 ETH price Chart (Source: TradingView )

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. 

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