Ethereum price extends gains from previous session on Thursday. ETH is trading in a very tight bandwidth with the underlying bullish flow.

Ethereum price is making consolidated but positive moves. A decisive close above $2,780 will put $3,200 on the investor’s radar. ETH is above critical 50-day and 200-day SMAs on the 4-hour chart.

Ethereum price waiting one more leg up

Source: Trade View

Ethereum price is trying to push higher to get more profit. On the 4-hour chart, ETH sits comfortably above both the 50-day and 200-day SMA (Simple Moving Average) at $2,601.32 and $2,730, respectively. ETH hit the psychological $2,750 on Wednesday. The breakout will be confirmed if the price retests the said level. Furthermore, a daily close above $2,750 will set the stage for the next directional bias.

Ethereum price has to overcome an upward hurdle to print further gains. Moving on, bulls will face the first upward battle at the bearish trendline, which extends from the highs of $3,394.45. The bearish slanted line acts as a strong resistance for the asset. The price of Ethereum is testing its immediate upward target at $2,854.

Trending volume shows a positive trend in accordance with the price. So a strong conviction for the next upside opportunity. A continuation of strong buying pressure provided the basis for the psychological $3,000.

An acceptance above USD 3,000 will fuel hopes of another rise as it remains a critical level for trading. Greater purchasing power will bring the $3,200 horizontal level into play.

On the contrary, if it fails to sustain USD 2,750 with a shift in buying sentiment, the price could drag back into the trading channel. The first downside target could be found near the 50-day SMA at $2,640.

Technical indicators:

RSI: The Relative Strength Index is at 64, indicating the strength in the upward momentum.

MACD: The moving average convergence divergence is moving north above the centerline.

At press time, ETH/USD is trading at $2,773, up 0.59% for the day. The second largest 24-hour cryptocurrency trading volume is at $15,344,237451.


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This post Ethereum Price Forecast: Sits One Week High Near $2,780; Towards $3,200 now clear?

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