Ethereum has recovered 20.88% from its lows of $2598 in the past two days. And as the market begins to shift, altcoin king is now looking at much greater growth. Well, that can only happen if the bullish pressure continues to build.
Everyone get up! But Ethereum first
Three price levels have been extremely important in the rise and fall of Ethereum and have been in play since the beginning of the year. The first and currently critical resistance level is $3200. This has been tested as both resistance and support since August 2021. And it plays a vital role in understanding the price action that is about to take place.
Since January, attempts have been made to break it, but Ethereum failed to do so.
This led the coin to decline in the $2760 zone, which is to be tested as a support to reach $3200. In addition, Ethereum closed above $2760 on Feb. 26. Interestingly, although the candle is currently red, price indicators have changed their signals in favor of an increase.
Ethereum Price Promotion | Source: TradingView – AMBCrypto
The white dots of the Parabolic SAR moved below the candles on Feb. 26. So this indicates that an uptrend is currently active. The last time ETH was in an uptrend, the coin was up 34.57%. So if ETH makes even half of that gain it already has, it could exceed $3200
Also, the MACD indicator has supported the above story. MACD is right in touch with the signal line looking for a bullish crossover. The declining bearishness of the red bars also points in that direction.
In addition to price indicators, however, Ethereum investors will have to play an important role if they want a rally.
As it is, transaction volumes have already fallen from $20 billion in January to an average of $6 billion this month. But if ETH posts a green candle in the next 24 hours, this volume could rise again with new investors.
Ethereum transaction volumes | Source: Intotheblock – AMBCrypto
In addition, the network already has a 58.79% dominance of HODLers, which is always a positive sign of an ongoing rally.
Ethereum Investor Distribution | Source: Intotheblock – AMBCrypto
This post Can Ethereum break through $3000 in 48 hours? Yes, only if…
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