How Will Ethereum Navigate its Price From Current Recovery Levels?

• Ethereum price is showing signs of attempting a price recovery in the past day.
• The recent dip has resulted in Ethereum witnessing increased liquidations as per coinglass data.

The second largest cryptocurrency, Ethereum, in an interesting turn of events, halted its price declines. The altcoin showed a price recovery following its recent brief price dip. Meanwhile, the overall cryptocurrency market has reverted to bullish after Wednesday’s price decline. Bitcoin, however, still remains below the $60K level.

Notably, Ethereum’s daily price movement reflects a 0.87% increase with prices climbing above the $2.5K level after Wednesday’s slump, attempting recovery. ETH’s daily price chart shows the token’s struggles to keep prices from sliding to $2,400. In the Asian afternoon hours, the altcoin traded at $2,512 before more bearish movements made prices fall to previous support levels.

Moreover, the token’s intra-day high was noted at $2,559, when the aforementioned surge occurred. At the time of writing, Ethereum was trading at $2,541 according to CMC data. Additionally, ETH’s daily trading volume showed a 19.48% decline.

Zooming out, over the last 7 days, Ethereum shows a price performance of 2.96% decline. This performance results from the slump instigated by Bitcoin’s flip to $59K from $65K. At the beginning of the week, ETH was trading at $2,600 levels before breaking resistance and hitting a weekly high of $2,820.

Meanwhile, the US spot ETH ETFs have shown inflows breaking a 9-day streak of consistent outflows in funds, as per Sosovalue data. Other particular crypto assets such as Toncoin also garnered market attention with significant price activity.

What to Expect For Ethereum Price in the Coming Days?

Presently, according to TradingView data, Ethereum has begun to show price recovery, right before an MA crossover. When inferring the chart, the token’s 9-day MA stands slightly above the 21-day MA anticipating a cross. However, if Ethereum manages to sustain the one-day positive momentum for longer, it can prevent a bearish turn.

ETH/USDT Daily Price Chart (Source: TradingView)

Meanwhile, the current dip has propelled a selling signal in the token as indicated by the RSI standing at 40.96. Additionally, Ethereum also recorded high liquidations worth $19.51 million in the last 24 hours according to coinglass data.

Finally, the token if taking a positive turn is expected to surpass $3K in order for the token to be classified as showing a bullish trend.

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