The cryptocurrency market is showing positive trends, with Ethereum being one of the leaders, increasing its value by over 10%.
Ethereum's Rise and Market Trends
Amid ongoing bullish corrections in the cryptocurrency market, Ethereum (ETH) has surged by 10.20%, reaching $4,740. The market cap of ETH now stands at $572.9 billion, and the daily trading volume has skyrocketed by over 143%, touching $81.06 billion.
Technical Indicators Analysis
The MACD indicator for the ETH/USDT trading pair shows bullish momentum, as the MACD line is above the signal line. The Chaikin Money Flow (CMF) indicates a positive value of 0.23, suggesting that buying pressure outweighs selling pressure.
Future Prospects and Possible Scenarios
Considering the current trend, Ethereum could reach a support level at $4,733. If this level fails to hold, a drop to $4,726 could occur. Conversely, if the bulls continue to gain strength, ETH may test resistance at $4,754.
Ethereum showcases a strong bullish momentum in the market; however, maintaining current levels and further growth will depend on the behavior of bulls and overall market conditions.
