Ethereum [ETH] Eyes $2K As Bulls Began Taking Shelter In Its Market thumbnail

Ethereum [ETH] Eyes $2K As Bulls Began Taking Shelter In Its Market

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The entire crypto market was on an uptrend. Bitcoin [BTC], Ethereum [ETH], Binance coin [BNB] alongside several others were seen riding the bull. With the market cap of Bitcoin hitting a high of $1.11 trillion, the overall market cap of the crypto-verse hit a high of $1.88 trillion. BTC was on its way to $61K once again, thanks to PayPal’s recent announcement. This trend was mirrored by almost every asset in the digital asset market.

At the time of writing, Ethereum was seen trading for $1,844.14 with a positive 4.16% change in its price over the last 24-hours. Over the last couple of days, the altcoin managed to bag profits up to 9.17%. While the asset is not too far from achieving its all-time high of $2,036, a bearish cycle could negate these chances. However, during press time, ETH was dominating the market by 11.3% while its market cap rose over $200 billion and was noted at $212 billion.

Ethereum [ETH] Four-Hour Price Chart On Binance

Ethereum

The short-term price chart of ETH was exerting a bullish notion. The Parabolic SAR indicator had laid out dotted lines below the candlesticks which posed as a barricade against any potential downfalls. The MACD line had prolonged its stay over the signal line in a bullish crossover. The Relative Strength Index indicator was noted over 70 median, which further suggested that ETH was being overbought. This trend could assuredly push the price of the altcoin over $1900.

Ethereum [ETH] One-Day Price Chart On Binance

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The bulls had started hibernating in the ETH market. The Awesome Oscillator indicator formed dainty green closing bars suggesting that the bulls were present in the altcoin’s market. The Chaikin Money Flow indicator was still residing in the bullish arena as the CMF marker was over the zero median. The Money Flow Index indicator, however, revealed that there was no major buying activity on ETH’s long-term price chart.

While the one-day price chart also revealed a bullish sentiment, the altcoin’s chances of hitting $2K were high.

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