Is ETH Price Set to Fall as Ethereum Exceeds Bitcoin in Liquidation?

• In the last 24 hours, Ethereum broke the $3K resistance to hit $3.2K.
• ETH’s daily trading volume soared by 8.77%.

The global crypto market has been going through an extended bearish phase over the past few weeks. Over the last 24 hours, crypto traders liquidated nearly $151.5 million from the market. Notably, Ethereum (ETH) liquidations exceeded Bitcoin’s over the day.

According to Coinglass data, Ethereum market recorded liquidations worth $49.78 million whereas BTC’s recorded $39.7 million. Amid this, Ethereum displayed a brief rally to hit $3.2K. But the largest altcoin failed to sustain the momentum and declined back into the $3K zone.  

Despite setting a weekly high after a prolonged struggle, ETH currently trades at $3,058. According to CMC, it observed a 8.77% surge in daily trading volume and recorded $15.16 billion. 

Meanwhile, multiple Ethereum whale movements have been majorly recorded across Coinbase. 37,865 ETH ($116M) were moved by three anonymous whales to Coinbase. Another transfer of 7,170 ETH ($22M) from Coinbase Institutional to an unknown wallet was noted within the last 24 hours, as per WhaleAlert data.

On the other hand, the community awaits the upcoming launch of spot Ethereum exchange-traded funds (ETFs), anticipating a substantial price momentum for ETH. 

Will ETH See A Potential Uptrend or Downtrend?

On the 24-hour price chart, the short-term 9-day moving average (9MA) of $3,102 hovers above the current price action, indicating a bearish trend. While the daily relative strength index (RSI) at 37.60 indicates the asset’s oversold condition. 

Over the past week, Ethereum was up by 4.57%, hitting a weekly low of $2,830 and the highest at $3,191. Looking at the monthly time frame, the largest altcoin plunged nearly 13% from a high of $3,648.

ETH Price Chart (Source: TradingView)

If a bullish reversal occurs and the $3.2K range is surpassed, ETH may test a resistance at $3,363. Furthermore, it might test a higher resistance around the $3,596 range if the uptrend becomes strong. If ETH fails to defeat the bearish pull, it may drop to $2,887. The subsequent support may seemingly be found in the $2,730 range. 

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