The crypto-verse encountered an array of twists and turns this week. While some assets witnessed major price fluctuations a few others like Ethereum [ETH] were quite stagnant.
An array of assets were seen riding the high tide. Cardano [ADA] and Solana [SOL] went on to hit multiple highs. However, Bitcoin [BTC] was stuck at $49K. The king coin has been hovering around $49K and $50K throughout the week. The global crypto market cap witnessed a dainty surge and the final digits moved to $2.29 trillion.
At the time of writing, Ethereum [ETH] was trading for $3,902 with a slight change of 0.96% over the last 24-hours. The previous seven days were rather fruitful for the asset as it recorded a surge of 20%. ETH was seen trying to move towards $4K but was constantly pulled back.
The market cap of ETH was at $460 billion and the altcoin announced that it wasn’t going to move from its second rank. Ethereum had occupied the second rank for the longest time now. The disparity between the second and the third largest assets was so high that the altcoin would keep its ranking.
Ethereum [ETH] one-hour price chart on Binance
The short-term price chart of Ethereum [ETH] noted that the asset would be spending more time in the bearish arena. The Parabolic SAR indicator was seen forming dotted lines over the candlesticks and dementing the chances of the altcoin to move across $4K. The lines stood guard against any potential uptrend. The MACD indicator followed suit by forming a bearish crossover. The MACD line and the signal line were miles apart which indicated that the $4K wasn’t an easy journey.
The Relative Strength Index [RSI] indicator noted that there was no major buying or selling activity. The RSI marker rested exactly on the 50 median.