Ethereum price continues to trade higher for the fifth straight day. The price revisited a one-month high near $3,200. The current price action set the road map for further upside momentum.
- Ethereum price trades higher with significant gains on Friday.
- Expect more gains above the 200-EMA at $3,200 toward $4,000.
- The volume shows signs of strength as the price rise.
Ethereum price looks north
On the daily chart, the Ethereum price trades near the critical 200-EMA (Exponential Moving Average) at $3,144.97. Furthermore, the descending trend line from the high of $4,759.00 acts as a strong resistance barrier for the bulls. However, the price surged 45% from the lows of January 24 at $2,159.0.
A daily close above the bearish slopping line amid sustained buying pressure will push the price toward the horizontal resistance level at $3,600.
Next, the market participant will keep their eyes on the psychological $4,000 level.
On the contrary, a fall below the session’s low will invalidate the bullish outlook. The first downside target is placed at the $2,800 horizontal level. Further, an extended sell-off will bring $2,500 into play.
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As of publication time, ETH/USD reads at $3,179, up 2.16% for the day. The second-largest cryptocurrency by the market cap holds at $18,271,179,118 as per the CoinMarketCap.
Technical Indicators:
RSI: The daily Relative Strength Index moves beyond the average line on March 14. It currently reads at 65.
MACD: The Moving Average Convergence Divergence holds above the midline with a bullish bias.
Trading volume: The On Balance Volume indicator trades higher from the oversold zone.
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