The entire cryptocurrency market has been on a bull run. Ethereum [ETH], the world’s second-largest cryptocurrency was riding Bitcoin’s coattails as it rocketed toward its previously hit all-time high. Over the past week, Ethereum has surged tremendously.
However, its rally above $600 was cut short after facing a heightened sell-off. The coin was down by 14.98% over the past 24-hours which drove its price to $513.2. At the time of writing, ETH registered a market cap of $57.54 billion and a 24-hour trading volume of $27.74 billion.
Will the bulls succeed in its attempt to push the price higher?
Ethereum [ETH] Daily Chart:
The daily moving averages continued to depict the bullish trend despite exhibiting mild convergence in the last week of October. The trend flipped positive thanks to the recent rally and the rising gauge between the 50 DMA [Pink] and the 200 DMA [Purple] depicted the optimism among the token holders even as the coin underwent a massive correction.
The DMAs now acted as strong support points for Ethereum.
The dotted markers of Parabolic SAR shifted to above the ETH price candlesticks which were indicative of a rising bearish phase as the price turned down from the stiff resistance of its recently established high.
The MACD generated a strong buy signal as it formed a bullish crossover over the zero-level. Despite the fact that the MACD was in bullish territory, it appeared to be heading for a bearish crossover in tandem.
If the bulls manage to break out from the current level and trigger a climb to the recently touched level of $612, the coin could start its journey to the next major resistance at $801, a level not seen since May 2018. The moving averages settling below the candles and the MACD above the zero line with a strong buy signal suggested that the bulls were in control despite the slip.
However, if a bullish outcome is invalidated by the rising negative pressure, the bears may sink Ethereum’s [ETH] value to the level close to the 50 DMA at $432.7. Additionally, a deeper correction could extend the fall near the 200 DMA $335.