Ethereum (ETH) price records handsome gains in the late evening session. The pair opened lower but as the days proceed investors gains conviction and the pair touched the intraday high of $3,150.68. ETH found reliable support near $2,830 and recovered losses against the US dollar.
- Ethereum (ETH) price extends the previous session’s gains on Tuesday.
- ETH sliced above the 50-day Simple Moving Average (SMA).
- The momentum oscillators indicate the underlying bullish current.
Ether, the native coin of the Ethereum blockchain ultimately broke its nine-week spell of outflows with a $21 million inflow last week as per the digital asset management firm CoinShares. Experts believe that the increased value of the net inflow data reassured that institutional investors find merit in the accumulation of the asset at these prices.
Ethereum continues with upside momentum
On the daily chart, Ethereum (ETH) crafts a decent price recovery from the swing lows of $2,159.0 with an ascent of 52%. The price is trading just above the 50-day Simple Moving Average (SMA) placed at $3,081.33.
Bulls are showing full conviction as can be judged by the above-average volumes. Immediate resistance is placed is near the descending trend line at $3,400. The bearish slopping line is extending from the highs of $4,867.81 made on November 10.
This level is just a tad below the crucial 200-day SMA at $ 3,573.0.Furthermore, an acceptance above the critical moving average could initiate another round of buying opportunities. In that scenario, ETH might surpass the $36,000 levels.
Alternatively, if the price fails to sustain the session’s high then a downside break below the $2,830 might push the price toward the $2,500 level.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) is gathering pace in the bullish zone.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with an underlying bullish current.
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