Ethereum (ETH) price extends gains for the second day. ETH is expected to see higher gains as the price is poised to move up in the downward channel. The bears are losing traction on the price and are looking for a supportive trendline for the near term. Risk aversion led to the gains in the general crypto markets in the stock market and also copied the gains.
Ethereum price closes out modest gains on Saturday. The price of ETH breaks above $2,690 and is moving towards $3,500. The MACD indicator gives bullish strength looking for a 15% gain.
At press time, Ethereum (ETH) price is trading at $3,009.65, up 0.32% for the day. The 24-hour trading volume stands at $17,858,040,823 with over 18% gains. Ether, the original currency of the Ethereum blockchain network
ETH is looking for another leg up
On the daily chart, Ethereum (ETH) price has lost 55% from its all-time high of $4,867.81. Ether recorded its biggest one-day drop on January 21 after the December 3 fall. The pair fell close to 18% and tested the lower trendline of the descending price channel.
Source: Trade View
However, after three weeks of consolidation, Ether once again challenged the psychological $3K level. An acceptance above this level could result in another lead in the pair.
The bullish momentum pushed the momentum indicator, the Moving Average Convergence Divergence (MACD) holds in the oversold zone with a bullish crossover. A further rise in the MACD could trigger a 16% rise in the near term.
Next, a daily close above the upper trendline of the descending channel will result in it hitting $42.00.
Alternatively, the double top formation would invalidate a bearish reversal pattern near current levels. The interim support can be found at $2,500.
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
This post Ethereum (ETH) Price Crossed $3,000 Threshold, Following $3,500 on Cards!
was published first on https://coingape.com/markets/ethereum-eth-price-breached-3000-threshold-next-3500-on-the-cards/