Ethereum price edges higher with significant gains on Tuesday. The price opened lower but the sustained buying pressure pushed the price to test the critical $3,000 mark in two weeks.
- Ethereum price prints gain for the second straight day.
- A decisive close above the parallel channel will test the $4,000 mark.
- Strong resistance placed near $3,200 on the daily chart.
Ethereum price consolidates inside rectangle formation
On the daily chart, the Ethereum price attempts to test the coveted $3,200 mark. The price is consolidating inside the parallel channel for the past three months, with a lower range of $2,150 and an upper boundary capped at $3,200.
The price remains pressured below the 200-EMA (Exponential Moving Average) at $3,195. Thus make $3,200 a crucial level to trade. The volumes support every time the price bounces from the support level.
Furthermore, the price faces rejection at $3,200 on January 20 and February 10. A renewed buying pressure will push the price toward $3,600.
An extended buying pressure will bring the horizontal $4,000 into play.
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On the flip side, a rejection near the session’s high will revert back the price to the immediate support placed near $2,700.
Technical Indicators:
RSI: The daily Relative Strength Index trades strongly above the average line. The current reading at 60.
MACD: The Moving Average Convergence Divergence holds above the central line with a bullish bias. An uptick in the indicator will strengthen the upside outlook.
OBV: The On Balance Volume holds near the one-month high suggesting bulls are dominating the price action.
As of press time, ETH/USD is trading at $3,009.65, up 4.10% for the day. The second-largest cryptocurrency by market cap stands at $16,990,216,123 as per the CoinMarketCap.
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