Ethereum price extends gains from the previous session on Wednesday. However, ETH is still hovering below the psychological level of $2,880. Still, Ethereum price has room to move higher once a decisive close above the bearish tumbling line extends from the highs of $4,759.
Ethereum price creeps higher on Wednesday. The advantage has capped at $2,880 on the downtrend line. However, the momentum oscillators are tilting in favor of a near-term bullish outlook.
As the US session kicks in, the price will experience some retracement from the higher levels but still trade with a positive bias.
Ethereum price still needs confirmation to move higher
Source: Trade View
Ethereum price is trading higher with significant gains but is witnessing a minor pullback from the higher levels. Continued buying pressure is needed to close above the psychological barrier of USD 2,800.
Upward momentum is expected to continue in the near term as buying pressure remains constant. As a result, the first upward hurdle from the current levels could be at $2,830. The ETH price should provide a daily close above this level along with above average volumes.
Next, ETH bulls will encounter some resistance at the 50-day EMA (Exponential Moving Average) at $2,880.
Expect a windfall as the price will prepare to jump to a horizontal level of $3,200 after reaching $2,880. This will be a crucial milestone for the bulls.
Investors will continue to look for additional gains towards the critical 200 EMA placed at $3,545.78.
On the other hand, a rejection in the direction of the bearish trendline will invalidate the bullish outlook for the asset. The immediate downward target could be found at $2,400.
RSI: The daily Relative Strength Index is 49 above the average line. However, the bullish divergence since Feb. 22 has cushioned the price’s downside.
MACD: The moving average convergence divergence (MACD) hovers below the centerline with a neutral outlook.
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 Price Prediction: Heading Towards 50-Day EMA At $2,880, Is $3,200 Next On Bull’s Radar?
was published first on https://coingape.com/markets/ethereum-price-prediction-moves-toward-50-day-ema-at-2880-need-to-close-above-the-descending-trendline-to-continue-upside/