• Ethereum is currently navigating the $1,900 price range.
• Recent market activity saw a significant $29.61 million in Ethereum liquidations.

The cryptocurrency market is sending mixed signals, leaving traders in a state of uncertainty and heightened caution. Ethereum (ETH), the leading altcoin, is still facing bearish pressure, managing only a slight recovery of 1.15%.

The bearish zone Ethereum established earlier seems persistent, and a genuine upward trend might only begin if the asset can decisively break through and hold above the $2,300 mark. Earlier today, Ethereum briefly touched a high of $1,832 before bears stepped in, pushing the price down to $1,760. 

As of now, Ethereum is trading at approximately $1,817, with a daily trading volume reaching $14.67 billion. Adding to the market dynamics, there was a notable liquidation event involving $29.61 million worth of Ethereum during this period. 

How Soon Could Ethereum Shift into a Full Bull Market?

Should the current downward correction continue, Ethereum might retrace its steps back to the $1,776 support level. Failing to maintain this level could unfortunately trigger a ‘death cross’ formation, potentially paving the way for a continued decline towards $1,500. 

Looking at a potential recovery scenario, the altcoin could bounce back up to $2,000. If it manages to break through this barrier, we might witness a sustained bullish wave, potentially propelling Ethereum towards the $2,268 resistance and fueling a more lasting recovery. 

Technical analysis of the ETH/USDT trading pair reveals that the Moving Average Convergence Divergence (MACD) line and signal line are both below the zero line. This suggests a bearish crossover, indicating the possibility of further price decreases.

Ethereum’s Chaikin Money Flow (CMF) indicator, currently at -0.10, is signaling that money is flowing out of the asset, reflecting a strong bearish sentiment among investors. Adding to this picture, the asset’s daily trading volume has also decreased by 5.34%. 

Furthermore, the daily Relative Strength Index (RSI), positioned at 48.32, indicates that Ethereum is currently in neutral territory. However, in a somewhat contrasting signal, Ethereum’s Bull Bear Power (BBP) reading of 3.38 suggests there might still be some underlying bullish strength in the market.

Disclaimer: The views expressed in this article are solely those of the author and do not constitute investment advice. TheNewsCrypto encourages everyone to conduct their own thorough research before making any investment decisions.

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