The crypto market was painted red, during press time. Ethereum [ETH] followed the footsteps of several other altcoins and explored the bearish realm. Bitcoin [BTC], however, was seen recording a dainty surge. While the king coin was trading at $37K, it had yet to establish a clear line of resistance or support.
Just when the global crypto market cap was noticing some progression, Bitcoin’s market cap dropped back below $700 billion, further pushing the overall numbers to $1.58 trillion.
At the time of writing, Ethereum [ETH] was trading for $2,459 with a 3.69% slump in the last 24-hours. This week wasn’t great for the altcoin as it dipped by 6.89%. ETH was undoubtedly the star of the recent crypto rally. The altcoin grew from a low of $400 all the way to a high of $4,362.35.
ETH remained untouched as the second-largest cryptocurrency, with its market cap at $285 billion. The disparity between the second largest cryptocurrency as well as the third was significantly high, further eliminating the latter’s chance of taking on ETH.
Ethereum [ETH] one-hour price chart on Binance
The short-term price chart of ETH revealed that the altcoin was heading for a reversal in its trend. The bears were finally bidding adieu to the ETH market. The Chaikin Money Flow [CMF] indicator noted a drastic switch. The CMF marker was seen making its way onto the bullish arena after regular visits to the bearish zone. The Awesome Oscillator exhibited a similar notion by forming green closing bars.
Despite this bullish sentiment in the market, the selling activity preceded the buying activity, the Money Flow Index indicator noted.
Ethereum [ETH] one-day price chart on Binance
The one-day price chart of ETH also echoed similar thoughts as its short-term chart. The Parabolic SAR indicator formed dotted lines below the candlesticks and welcomed the bull. The MACD line was close to the signal line almost making it hard to comprehend the existing trend. However, it was inclining towards the bull with a bullish crossover.
Selling activity was high in the ETH market as the Relative Strength Index marker was below the 50 median.