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The cryptocurrency market is slowly recovering from its recent slump and has increased its market capitalization by more than $100 billion in the last 24 hours.
The broader crypto market had a bad week until Thursday. The market lost almost $400 billion in recent days.
However, sentiment has improved over the past 24 hours, with the market rising by more than 11% over this period. The total crypto market capitalization is currently at $1.3 trillion.
Bitcoin remains the market leader and is trading above $30,000 again. It has increased by more than 8% in the last 24 hours.
Ether, the second largest cryptocurrency by market capitalization, has also risen by more than 8% in the last 24 hours. It is now trading above $2,000 and could rise higher in the coming hours and days.
Market sentiment was negatively affected by the Terra crisis. However, since the Terra blockchain has now been officially stopped, the market could embark on a recovery journey in the coming days.
Important levels at a glance
The ETH/USD 4-hour chart remains bearish despite Ethereum’s continued positive performance. Ethereum has not fully recovered from the bearish trend that has negatively affected its price in recent weeks.
The MACD line is still below the neutral zone. However, it is improving and could enter the positive area if the bulls continue to control the market.
The 14-day RSI of 40 shows that ETH is no longer in the oversold area. At the time of writing, ETH is trading at $2,069. If the rally continues, it could rise above the first major resistance mark at $2,180 before the end of the day.
In the event of a prolonged bullish performance, ETH could overcome the second major resistance mark at $2,308 in the next few hours or days.
However, ETH could lose its support level at $2,000 if the bears regain control of the market. Ether should defend its price comfortably above the second major support level at $1,890.
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