ETH price looks in gains for the second straight day on Thursday. The price lost nearly 6% on Tuesday as it briefly tested the lows around $2,800. However, as the sellers look reluctant to move further down, sideliner investors considered as a good bargain-hunting opportunity.
- ETH price trades on a flat note with no meaningful price action.
- Investors could expect an upside momentum in the second-largest cryptocurrency above $3,000.
- However, the ETH buyers must face challenges to set further long directional bias.
As of writing, ETH/USD exchange hands at $2,926, up 1.54% for the day.
ETH price seeks upside confirmation
ETH price seems to find out some reliable support at around $2,800 on the daily chart. The price dropped nearly 53% from its all-time high of $4,867.51 to test the lows of $2,300 in February. The second-largest cryptocurrency followed the footprints of Bitcoin. However, the correction in ETH made three distinctive higher lows at $2,300, $2,500, and $2,940 since February 24. The upside remained capped near $3,500.
The ascending trend line from the lows of $2,300 acts as a support for the bulls. But the price remains pressured below the critical 200-day EMA at $3,169. In addition to that, the ETH price trades in a short-term downside channel extending from the highs of $3,500.
Now, the price is expected to meet the critical $3,000 level which is an intersection point of the bullish trend line and the downward channel. A decisive close above the level would bring $3,200 into play.
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While things look positive for ETH, a spike in sell order could disturb the upside calculation in the price. A move toward $2,800 would be described as the continuation of the prevailing trend.
Both the oscillators, the RSI and the MACD trade near the oversold zone but with a neutral bias.
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