- Ethereum has factored in a modest price increase of 0.94% in the past day and is attempting to hit $4K.
- The altcoin’s daily trading volume has dipped by 20.90% as per CMC data.
The global crypto market has decided to stay bullish this weekend as depicted by the 1.38% increase. Leading cryptocurrency, Bitcoin has surpassed its past few days’ resistance at the $100K level and is holding ground as of writing. Meanwhile, the altcoin sector has shown different signals. Some tokens such as PEPE have shown price increases while others have dropped.
Notably, Ethereum has factored in a minor price increase of 0.69% over the last 24 hours. The cryptocurrency, in the past few weeks, has caught market attention for its price actions. Moreover, the Trump DeFi project World Liberty Financial buying ETH has also affected its price and market attention.
In the afternoon hours of December 13, Ethereum was trading at a low of $3,876. However, following this, it has climbed slightly to the current levels. According to CMC data, Ethereum’s price was trading at $3,914 as of writing.
Moreover, the altcoin has been testing the $3.9K level several times over the past week.
Inferring its weekly chart, shows ETH struggling to surpass resistance at the $3,900 level. It tested $4K multiple times but failed to hold ground at the range.
Meanwhile, market analyst Michaël van de Poppe has predicted that the AltSeason has only hit a higher low and that more bullish trends might follow. This suggests that Ethereum too might surpass its crucial resistance in the coming days.
Is $4K Ethereum Price on the Horizon?
Analyzing the technical indicators of Ethereum suggests a positive trend in the coming days. Its Chaikin Money Flow (CMF) value stands at 0.13 as per TradingView data. This indicates increasing capital flow into the asset. Additionally, its bull power indicator value stands at 8.55 while its bear power indicator value is -0.95.
ETH/USDT Daily Price Chart (Source: TradingView)
These factors suggest that there is a bullish dominance in the token. In the coming days, it can be expected to hit and surpass the crucial resistance at $4000. In the case of a bull run, ETH might face its next resistance at $4,084.
Meanwhile, other altcoins such as XRP and BNB have shown bullish movements in the past 24 hours.
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