ETH price is entering the water with no apparent directional bias. The formation of a ‘Doji’ candlestick indicates a tug-of-war between bulls and bears. However, the ETH buyers managed to hold onto the crucial $3,200, suggesting buying near the lower levels.
ETH price is higher Friday with modest gains. Expect price to rise towards $4,000 within ascending channel. The downside is capped at $3,070 at the 50-day EMA.
ETH price is trading within an ascending trend channel
On the daily chart, ETH price is trading within the rising trend channel from the lows of $2,445.0. When the price rose 45% from the said level, it faced rejection near the ‘double top’ formation. The level is close to $3,500. The recent high and low is a classic bullish pattern that supports the current price action.
Source: Trade View
If the price now includes the lower trendline, it will continue to move north. An immediate first upward target for ETH buyers awaits the April 3 highs at $3,581.60.
Then the buying momentum would push the price towards the psychological level of $4,000.
On the other hand, a daily break below the 50-day EMA (exponential moving average) at $3,071.17 would mark the downside target of $2,800.
Next, market participants would test the March 15 low at $2,508.05.
As of publication time, ETH/USD is trading at $3,221, down 0.06% for the day. The second largest cryptocurrency by market capitalization keeps its 24-hour trading volume at $16,867,105,404 with a loss of over 24%.
Stochastic Oscillators: The bounded oscillator trades near the oversold zone. Any upturn in the indicator would bolster the bullish outlook.
MACD: Moving Average Convergence Divergence remains above the midline but with increasing bearish momentum.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post ETH Price Struggling Below $3,300; Is time too long?
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