ETH price makes no clear move with very limited price action. The current price action suggests bulls attempt to hold near the stable support level to set a base for the next round of buying conditions.
- ETH price trades with modest gains following the previous range bound movement.
- A daily close above $3,200 will set the directional bias for a new uptrend.
- However, if the price slips below the ascending trend line enough to ignore the bullish outlook.
The second-largest cryptocurrency by the market capitalization holds the 24-hour trading volume at $12,367,183,635 with a decline of 21% as updated by the CoinMarketCap.
ETH price takes support near the bullish trend line
ETH price tested the swing lows around $2,990 after the price retraced 17% from the swing highs of $3,581.60. However, the price faces an upside barrier at the 50-day EMA (Exponential Moving Average) at $3,073.
However, the ascending trend line, which is extending from the lows of $2,445.00 acts as a support for the bulls. A resurgence in the buying pressure would push the price above the critical moving average. If that happens, the first upside target would be the highs of April 11 highs of $3,214.88.
In addition to that, an acceptance above $3,200 will encourage the bulls to take out of the horizontal resistance zone placed at $3,400.
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Eth price is consolidating in a short-term range of $2,400 and $3,400 since January. The price surged nearly 45% from the double bottom near $2,400.
As of press time, ETH/USD is trading at $3,027, up 0.19% for the day.
Technical Indicators:
Stochastic Oscillator: The indicator trades near the oversold zone. Further, it forms triple bottom hinting at the possible bounce back.
MACD: The moving average convergence divergence hovers above the midline with a neutral bias.
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