Ethereum price is up nearly 50% from January lows. Ether, the original currency of the Ethereum blockchain, has shown signs of recovery over the past few sessions. There are some fundamental catalysts that work in favor of the altcoin.

Ethereum Price posted impressive gains on Wednesday. Expect more gains above 50 SMA placed at $3,243.0. Analysts predict spike in ETH as institutional capital inflows soar

Ethereum price has bounced back from its previous two-month decline in the past week when it crossed $3,000. Crypto analyst Benjamin Cowen has predicted that Ethereum (ETH) is gearing up for a big break after a lengthy consolidation. According to him, the $2,000 and $4,000 ETH price zone is one big rechallenge zone for a runway of higher prices in the medium term.

At the time of writing, ETH/USD is trading at $3,248 with gains over 4%.

Ethereum Price Shows Signs Of Continuation Up

On the daily chart, Ethereum price has toppled every challenge to reach the $3,200 level. Bulls are confident to make the next price drop. As the ETH price has successfully crossed the 50 SMA and the bearish slanted line, investors are aiming for the $3,600.

Source: Trade View

The Daily Relative Strength Index (RSI) is trading at 62 with a bullish bias. This points to sufficient strength in the current price trend.

Ethereum price has lost more than 45% from its all-time high on Nov. 10. It has been a very difficult time for the crypto market as the world’s largest currency, Bitcoin also lost more than 50% after its peak in November. However, in February there was a reversal in the price decline.

On the downside, if the price breaks the $2,800 level in the next few sessions, it could move further down towards $2,400.

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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 the publication is not responsible for your personal financial loss.

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This post Ethereum Price Aims at $3,600 as Daily RSI Indicates Bullish Bias

was published first on https://coingape.com/markets/ethereum-price-eyes-3600-daily-rsi-bullish-bias/

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