Ethereum (ETH) price trades in green for the second straight day. Wall Street set to open on a muted note following two days of gains. Further, the US dollar is experiencing selling pressure near the higher levels around $97.0. The crypto space is the direct beneficiary of the slowdown in the greenback.
- Ethereum’s (ETH) price kick starts the new trading session on a firmer note.
- Expect a further rise in the price beyond $3,000.
- Volume supports the current price action rose 30% in 24-hour
At the press time, the second-largest cryptocurrency is trading at $2,801, up 3.50% for the day. The 24-hour trading volume stands at $14,538,884,814 as per the CoinmarketCap.
Ethereum needs to cross $3,000 to sustain the current rally
On the daily chart, after consolidating near the $2,300 level ETH/USD is started to rise from January 28. However, the bulls need to maintain the momentum to seek an upside of 30% from the current levels. The first hurdle for the investors is placed at the January 21 high of $3,034.02.
Ether price has depreciated 44% from the January highs. The price is still struggling below the 20-DMA at $2,813. The daily relative strength index (RSI) is at 42 with a bullish crossover.
Another momentum oscillator, the MACD (Moving Average Convergence Divergence) holds near the oversold zone. Any uptick in the indicator would strengthen the case for the bulls.
On the other hand, a failure to close above the 20-DMA would inspire investors to liquidate their holding and prepared for a fresh round of selling towards $2,011, the levels were last in July.
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