ETH price tracks higher amid broader crypto market relief rally with decent gains. ETH started the session on a pessimistic note but the buyers gather strength and moved higher. However, the recent downswing pushed it to test the levels last seen in July 2021. The relief rally bought back the crypto above the $2,000 mark. Still, the downside pressure remained intact in the asset.
- ETH price gains 7% on Friday following two days of extensive selling.
- Investors remain in panic selling mode due to the extremely negative sentiment in the market.
- Bullish RSI divergence on the 4-hour chart suggests a much-anticipated bounce back in the price.
ETH price looks for a sign of a rebound
ETH price is in revival mode after it fell to hit the lows of $1,701. In today’s session, it reclaimed the psychological $2,000 mark. However, the overall downward trend still overshadowed any upside movement in the asset. As the price still trades below the crucial moving averages and resistance zone on all time-frames. That suggests any short-term advance could capitalize as another opportunity to create short unless a strong upside confirmation arises.
A renewed buying pressure would push the price higher for a while with the immediate resistance placed at $2,200. That said, an extended buying could result in overthrowing the 50-day EMA (Exponential Moving Average) at $2,349.37 which could lead to $2,400.
On the flip side, a spike in sell orders could once again drag the price lower to test $1,700.
Technical indicators:
On the 4-hour chart, the relative strength index (RSI) gives bullish divergence while it reads above 40, pointing up. Another oscillator, the moving average convergence divergence (MACD) holds an extreme oversold condition with an upward bias.
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As of publication time, ETH/USD reads at $2,098, up 7.22% for the day. According to CoinMarketCap, the cryptocurrency holds the 24-hour trading volume at $28,785,489,726.
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