Bulls Charge ETH Upward, Is Ethereum on the Road to $5K?

• After an 8% jump, Ethereum is trading at $4.6K
• The market has seen an ETH liquidation of $286M.

Today, the crypto market has opened on a recovery note, pushing the market cap to $4.06 trillion. As a result, the assets have seemingly dressed in green across the board, seeking to reclaim the recent highs. Following the suit, the largest altcoin, Ethereum (ETH), is trading on the upside, registering a steady jump of over 8.39% in the last 24 hours

ETH has opened the day trading at around its bottom range of $4,258. The bullish shift has pushed the price climb toward a high of $4,678. The altcoin has tested and broken through the crucial resistance zones between $4,262 and $4,674. Analysts predict that for a sustained positive price trajectory, the bulls could stay potent and drive the price above $5K

At the time of writing, Ethereum trades within the $4,638 mark, with its market cap resting at $559 billion. In addition, the daily trading volume of the altcoin has surged by over 37.79%, likely reaching the $63.54 billion range. As reported by the Coinglass data, the market has witnessed a liquidation of $286 million worth of Ethereum during this timeframe

Can Ethereum’s Bullish Pace Keep Rolling?

The four-hour price chart of the largest altcoin has established an uptrend, and it might challenge the initial resistance at around $4,644. A continued bullish correction of Ethereum could push the golden cross to unfold. The bulls would likely pave the way for more gains toward $4,650.

On the flip side, with the bearish pressure, the altcoin could slide and bring in a retest at the $4,632 support. If the downside correction strengthens, the Ethereum price might lose ground, which might trigger the death cross to take place. A steep fall to the $4,626 range or even lower is in sight

*ETH chart (Source: TradingView)*Notably, the technical analysis of the ETH/USDT trading pair exhibits the Moving Average Convergence Divergence (MACD) line crosses above the signal line, seen as a bullish signal. This crossover points to the building upward momentum, and the asset’s price may rise. Besides, the Chaikin Money Flow (CMF) indicator settled at 0.27, which implies a strong buying pressure in the ETH market. Also, this value shows a healthy money flow into the asset

Furthermore, the altcoin’s daily Relative Strength Index (RSI) is found at 77.09, indicating its overbought territory. The price may be stretched to the upside, with a possible pullback. Ethereum’s Bull Bear Power (BBP) reading, positioned at 457.71, suggests a strong bullish dominance, and the potent bulls are considerably pushing the price higher.

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