The crypto market was on a whirlwind yesterday. An array of coins like Bitcoin [BTC], Ethereum [ETH] along with a few others managed to break their previous records and hit an all-time high all over again. However, the bears seemed to have taken over the market once again as certain coins were seen turning red after yesterday’s stay in the green arena.
Bitcoin [BTC] was undoubtedly experiencing a slight price correction. The asset not only pushed past its previous all-time high of $64,899 but also managed to record multiple new highs. This further paved the way for speculations regarding the price movement of Bitcoin.
Meanwhile. Ethereum [ETH] decided to up its game and followed the bullish trail left by Bitcoin. Ethereum, over the last couple of days, took a major plunge all the way from below $3K to its latest all-time high of $4,366. However, similar to BTC, ETH was also enduring a correction. At the time of writing, ETH was trading for $4,123 with a 3.91% drop over the last 24-hours.
Moving on to its market cap, ETH hasn’t slipped below or has risen above its existing position. With a market cap of $488.6 billion, Ethereum has remained the second-largest cryptocurrency for the longest time now.
Ethereum [ETH] one-hour price chart on Binance
The short-term price chart of ETH revealed that the tables had turned. The Parabolic SAR indicator witnessed a shift from the bullish to the bearish arena. Dotted lines were placed over the candlesticks forming a barricade against an uptrend.
The MACD line remained close but below the signal line. Further hinting at a bearish crossover. All of these signs noted that ETH was going to be riding the bearish notion in the short term.
The Relative Strength Index [RSI] indicator noted that ETH was traversing from the buyers’ arena down to the sellers’ zone. Since the RSI marker was at 50 median, ETH was still being purchased.