Ethereum price has rallied nearly 50% from the January lows. Ether, the native coin of the Ethereum blockchain has shown signs of recovery for the past few sessions. There are some fundamental catalysts that are working in favor of the altcoin.
- Ethereum Price has shown impressive gains on Wednesday.
- Expect more gains above 50 SMA placed at $3,243.0.
- Analysts predict a spike in ETH as institutional capital inflow surges
Ethereum price has recovered from the previous two-month downfall during the past week as it crossed $3,000. Crypto analyst Benjamin Cowen has predicted that Ethereum (ETH) is gearing up for a major breakout after a long term consolidation. As per him, the ETH price zone of $2,000 and $4,000 is one big re-accumulation zone for a runway of higher prices in the medium term.
As of writing, ETH/USD is trading at $3,248 with more than 4% gains.
Ethereum price showing signs of upside continuation
On the daily chart, Ethereum price has overthrown any challenge in its way to reaching the $3,200 level. Bulls are in full confidence to take out the next plunge in the price. As the ETH price has successfully moved over the 50 SMA and the bearish sloping line investors are aiming for the $3,600.
The Daily Relative Strength Index (RSI) trades at 62 with a bullish bias. This indicates ample strength in the current price trend.
Ethereum price has lost more than 45% from the all-time high made on November 10. It has been a very tough time for the crypto market as the world’s largest currency, Bitcoin too lost more than 50% after it peaked in November. However, February saw a reversal in the downturn in the prices.
On the other hand, if the price breaks the $2,800 level in the next few sessions then it could see further leg down toward $2,400.
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