Ethereum price edges higher for the third straight day. However, the gains consolidate in a very tight range of $2,920 and $3,046.99. The price tested the multi-week high near $3,045.
- Ethereum price locks in gains as bullish momentum continues.
- Expect more gains toward $3,600 if decisively close above 200-day EMA.
- ETH trades along the ascending trend line from the lows of $2,300.
As of publication time, ETH/USD trades at $3,013.85, up 1.50% for the day. The second-largest cryptocurrency by market cap holds at $14,867,289,973 according to the CoinMarketCap.
Ethereum looks for further gains
On the daily chart, Ethereum price prints impressive gains in the past few days. The price tested $3,000 for the first time. in the past three-week.To continue with gains ETH must close above the critical 200-EMA (Exponential Moving Average) at$3,144.52.
On moving upside, the first upside hurdle will appear at $3,600. Investors would next target the psychological $4,000 level.
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On the flip side, a fall below the 50-day SMA will negate the bullish theory in the price. Ethereum price will look out for the support near $2,600.
Technical indicator:
RSI: The daily Relative Strength Index holds above the average line since March 15 strengthening the upside momentum in the price. Currently, it reads at 58.
MACD: The Moving Average Convergence Divergence hovers above the midline with a bullish bias.
Trading Volume: The volumes show a positive trend in accordance with the rise in price.
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