Ethereum moves higher after cracking the critical resistance of $3,000 during the weekend. The upsurge came amid improved market sentiment as Bitcoin launched a new upswing, nearing $45,000 at this publication.
Vital support levels – $3,000 and $2,805
Vital resistance levels – $3,400 and $3,750
Ethereum price actions appeared somehow reserved after reaching $3,000, without a massive motive to surge higher. The leading alt continued to rally despite buyers’ hesitation. That had Ether hitting $3,239 today (Bitstamp). ETH flipped $3,000 into support, while the following vital resistance sits at $3,400.
Technical Indicators
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- Trading Volume
The trading volume plummeted as the prince climbed up. That means ETH is weak and might decline under $3,000 once more if the global marketplace sees a pullback or bearishness resurfaces.
- Relative Strength Index
The daily Relative Strength Index swayed towards 60, suggesting a bullish picture. However, Ethereum remains vulnerable to selling strength, and buyers should sustain the indicator’s score to prevent downswings. On the other side, ETH/USD’s hourly RSI stays well beyond 50.
- Moving Average Convergence Divergence
Though the daily MACD flashes bullish, the histogram suggests decreased momentum. Meanwhile, a lower high from the histogram will be a warning. Nevertheless, buyers’ resurgence can erase this within no time. ETH’s hourly MACD losses pace inside the bullish area.
Ethereum Bias
For now, Ethereum holds a bullish bias. Nevertheless, the altcoin remains weak as it loses momentum amid decreasing volume. For this reason, Ethereum might find challenges overcoming the $3,400 resistance.
ETH Near-Term Price Forecast
Though Ethereum stays beyond $3,000, intensified selling pressure can mean reverses. For now, low volume and momentum loss remain a concern. However, the current marketplace shows bulls preference, and Ethereum can take that to its advantage. Further upswings here will see the crypto challenging the following resistance at $3,400.
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Meanwhile, crypto analysts remain bullish on Ethereum and the broad market. While publishing this content, the global market cap stays at $2.01 trillion, following a slight drop. Also, Bitcoin saw a retrace, hovering near $43,867 at this writing. Let us wait for what upcoming sessions will hold.
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