Ethereum price has surpassed the $3,200 psychological level with higher average volumes. After weeks of consolidation, ETH rose more than 50% to its recent highs. Investors expect more gains above the 50 SMA (Simple Moving Average) at $3,195.80.
Ethereum (ETH) price is unable to profit from the gains from the previous session. ETH is trading 50% from its January low, now facing solid resistance. Momentum oscillators are giving mixed signals, warning of aggressive bids.
Ethereum Rally Within Rising Wedge Formation
On the daily chart, Ethereum has erected a critical resistance barrier, indicating continued buying pressure. Furthermore, the price has crossed the 50 SMA at $3,196, reaffirming the bullish outlook for the pair.
Eth has nearly fallen in value from November’s all-time highs. After the exponential rise of 50%, testing at the January lows. This technical stance sets a bullish tone that craves further reasonable gains.
Source: Trade View
Market participants believe that any possible spike in buying interest will likely push the price of Ethereum to retest the psychological level of $3,600. In addition, if buyers manage to topple this barrier in a support zone, the price could try to recoup the horizontal resistance line of $4,000.
ETH is moving in a rising wedge, a bearish continuation pattern. If the price closes below the horizontal support zone of $3,000. This also coincides with the break of the bottom trendline of the pattern. The first downward target is placed in a USD 2,800 support zone, the level last seen in September.
However, a breakdown of the said level could put a potential downside to the $2,324 barrier. If a daily candlestick closes below this significant figure, it would set a lower low and invalidate the short term bullish outlook for the pair.
RSI: The Daily Relative Strenght Index (RSI) is trading at 62, still below the overbought zone indicating the market is far from overheating.
MACD: The Moving Average Convergence Divergence (MACD) indicator has just crossed the midline with a bullish crossover. Any increase in the indicator can open up new buying opportunities.
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 Today: ETH Pauses Near $3,200, Bulls Seek Upwards Towards $3,600
was published first on https://coingape.com/markets/ethereum-price-today-eth-pauses-near-3200-bulls-seek-upside-at-3600/