Ethereum [ETH] could move closer to $5K but bears to induce delay

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Move over Bitcoin [BTC], all eyes were on Ethereum [ETH] and its latest price rally. Despite being the world’s largest cryptocurrency and breaking through its previous highs, the altcoin market was seen overshadowing Bitcoin. Even though Ethereum [ETH] has always been the second to BTC, it has certainly paved its own way and managed to stay relevant through the years.

Ethereum [ETH], at the time of writing, was trading for $4,186 a little below its recent all-time high of $4,366. The disparity between its current price and its all-time high was as low as 3.89%. However, this led to speculations of the asset enduring a slight price correction before its big break.

Over the last 24-hours, ETH rose by 1.10%. The last seven days were great for ETH as well as Solana [SOL]. While ETH surged by 10.30% during the past seven days, SOL spiked as high as 31%.

Ethereum [ETH] has remained the second-largest cryptocurrency for a long time. The asset was close to moving on to $500 billion. During press time, ETH’s market cap was at $494 billion. The third-largest asset, Binance Coin’s [BNB] market cap was still at $80.7 billion, Therefore, a change in ranking was highly unlikely.

Ethereum [ETH] one-hour price chart on Binance

Ethereum [ETH] could move closer to $5K but bears to induce delay 3

The short-term or one-hour price chart of ETH witnessed a collision between bears and bulls. The Awesome Oscillator indicator noted that the bears would act as a barricade against the altcoin’s move towards $5K. The Chaikin Money Flow [CMF] indicator was still on the side of the bull. The CMF marker remained over the zero median in the bullish arena saving some hope for ETH.

The buyers were taking it slow and the sellers were gently diving out of the market. The Relative Strength Index [RSI] indicator was still on the buyers’ side. However, the marker was inclining towards the sellers’ zone down below 50 median.

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