On the cryptocurrency market, Ethereum continues to show positive momentum, reaching the $4.1K mark. This article reviews the main metrics and possible scenarios for further developments.
Market Situation
As of August 9, the cryptocurrency market is attempting to regain lost momentum with a spike of over 1.78%. Most assets are trading in the green, including Bitcoin, which is currently at $117.1K. Meanwhile, Ethereum (ETH) demonstrates steady upward movement, attracting investor attention.
Current Ethereum Metrics
Over the past 24 hours, ETH has increased by over 7.15%, starting at around $3,893 and climbing to $4,245. Currently, Ethereum trades within the $4,196 range, with a market capitalization of $505 billion. The daily trading volume of ETH rose to $51.44 billion, up by 27.35%. During this period, the market also experienced liquidations of Ethereum contracts worth $238.60 million.
Prospects and Resistances of ETH
Technical analysis shows that Ethereum’s MACD is above the signal line, indicating a bullish trend. Strong buying pressure is confirmed by the Chaikin Money Flow (CMF) value at 0.41. The crucial resistance is at $4,202, where a strong bullish breakout may occur. If Ethereum cannot break the resistance, the first support level may be at $4,190, with potential declines to $4,184 or lower.
In this situation, Ethereum demonstrates a positive outlook, although corrections may be possible if orders cannot surpass resistance levels. The further development of events will depend on market dynamics and investor sentiment.
