Ethereum price action is higher with significant gains. ETH extends profits for the third consecutive session with increasing volumes. But the upside has to overcome multiple hurdles to reverse the prevailing downtrend.
The price of Ethereum recovers to a weekly high on Wednesday. Expect more gains if it breaks above the 50-day EMA at $2,820. The momentum oscillators are trading with a positive bias.
Eth is respecting the critical support near $2600 with multiple interruptions. Sellers remain exhausted as buying pops up in an attempt to break the long-term downtrend.
Ethereum Price Is Trading Near Resistance
Source: Trade View
On the daily chart, Ethereum price is forming three inside up, a bullish reversal pattern. If buying pressure remains consistent, the price will cross the long-term upward barrier near the 50-day EMA (exponential moving average) at $2,820.
Next, market participants will march to the $3,000 psychological level.
A rebound in the buy order is paving the way towards the horizontal resistance level at USD 3,260.
On the other hand, if the price reverses direction and falls below the session low, it will negate the bullish outlook for the asset. In addition, a break in the short-term support at $2,500 leads to another round of sales. In that case, the immediate downward target will be placed at the low of USD 2,300 on February 23.
Technical indicators:
RSI: The daily Relative Strength Index is trading above the average line with a bullish bias. He is currently at 51.
MACD: The moving average convergence divergence has been oscillating below the centerline since Feb. 17. Now the indicator is trying to pierce above the central line.
OBV: The On Balance Volume indicator shows the strength of demand as the price record makes new gains.
At the time of writing, ETH/USD is trading at $2,706, up 3.30% for the day. The 24-hour trading volume of the second largest cryptocurrency by market capitalization is $16.452,120,534.
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This post Ethereum Price Prediction: Approaching 50-Day EMA at $2,820; More profit near $3,200 Next
was published first on https://coingape.com/markets/ethereum-price-prediction-approaches-50-day-ema-at-2820-more-gains-near-3200-next/
