Ethereum (ETH) price is hovering near $2,600 following three days of consecutive fall. EHT stabilizes after briefly falling below $2,500. In the previous attempt, the Ethereum price loose momentum as it approaches the mentioned level.
- Ethereum (ETH) price trades with modest gains after three days of fall.
- Expect a 12% upside from the current levels as price trades along ascending trend line.
- Upside remains capped near 200-EMA at $3,200.
The ascending trend line from the lows of January at $2,159 acts as a support for the bulls. Furthermore, the higher highs along with the bullish slopping line suggest ETH’s price could take a leap toward $3,000 once again.
However, investors must overcome the horizontal hurdle at $2,750 to pave a way toward the highs of March 2 at $3,045.00.
Technical Indicators:
RSI: The daily Relative Strength Index is making an effort to pierce above the average line. Any uptick in the indicator would seek upside momentum in the pair.
MACD: The Moving Average Convergence Divergence (MACD) is hovering below the midline with a neutral bias.
Volume: The Volume Flow indicator is trading in the oversold zone. Even, a slight pullback in the indicator will push the price higher.
Above, $3,000 Ethereum price shall encounter the strong resistance barrier placed at 200-day Exponential Moving Average (EMA) at $3,230.
Alternatively, if the price breaks the bullish slopping line then ETH price will test February lows at $2,300.
On the weekly chart, strong support is placed around $2,224.54. If a broken fresh round of selling will be triggered toward the lows of July at $1,718.
The second largets cryptocurrency holds 24-hour trading volume at $12,439,650,838 as per the CoinMarketCap. ETH was last seen trading at $2,644 with 0.87% gains.
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