- Ethereum (ETH) bounces back after a low sweep, recovering to $2.4K as buyers step in.
- Momentum is picking up, but direction remains uncertain, with the price consolidating.
Ethereum (ETH), the largest altcoin, is currently trading at $2,483, up by 3.3%, with its volume settled at $14.28 billion. The 24-hour session range shows that the price dipped as low as $2,324, took out the stop-losses sitting below $2,350, then bounced back. In addition, the $93.31 million in 24-hour liquidations were recorded.
Sweeping the lows and reclaiming quickly is a sign of underlying strength rather than true selling pressure. A possible bullish divergence is forming, and ETH is now back above the $2,440 area. Old resistance has flipped to support, and a rising trendline is holding price up from below.
The current price momentum of Ethereum might climb to the resistance toward the $2.5K level. Upon breaking further on the upside, the bulls would trigger the emergence of the golden cross. It might gradually send the asset’s price higher, above $2,584.
On the contrary, if the bears enter the ETH market, the immediate support level might be found at around $2.3K. Assuming the downside correction gains more traction, the death cross could take place, and bears may likely drive the price even lower.
Technical Analysis: Bullish Momentum Builds for Ethereum
Ethereum’s four-hour trading chart reveals that the Moving Average Convergence Divergence (MACD) line crosses above the signal line. Both of them are below the zero line, signalling a bullish momentum shift within a larger downtrend.
The upward cross indicates that short-term buying momentum is accelerating and a potential price bounce or reversal is starting. Being below the zero line infers that the overall broader trend is still downward. Traders view this pattern as an early sign to prepare for a buy signal and to wait for the lines to cross above the zero line to confirm an uptrend.
Besides, the daily Relative Strength Index (RSI) reading at 50.64 suggests a neutral, balanced market with no strong directional bias. Upon resting at the 50 mark, the buyers and sellers are in equal strength. The Ethereum price is consolidating or waiting for a catalyst.
The asset sits safely between the extreme thresholds; above 70 is overbought, below 30 is oversold. A movement above 55 suggests bullish momentum is taking over, while a drop below 45 signals increased bearish pressure.
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