Tuesday, May 17, 2022
Banner Top
By Rekha chauhan
Published 9 hours ago Updated 9 hours ago

Ethereum price remains on the front foot in the recent price action. ETH makes impressive gains over the week and looks promising to produce further gains. The price is witnessing consolidation after printing three-month highs above $3,500.

  • Ethereum price continues to print gains on Saturday.
  • A leap toward $4,000 looks possible as the price remains firm above 200-day EMA.
  • ETH tested $3,500 for the first time since January 6.

As of press time, ETH/USD trades at $3,485.12, up 0.82% for the day. The second-largest cryptocurrency as per the market cap holds the 24-hour trading volume with more than 15% gains at $24,724,743,360 according to the CoinMarketCap.

ETH price looks for further gains

Source: Trading view

On the daily chart, the Ethereum price shows strong bullish momentum since March 14 with an ascent of 35% from the lows near $2,500. Further, the price crossed the 200-day EMA (Exponential Moving Average) for the first time tested in January. Thus, the current price action suggests the upside outlook is to stay.

A resurgence in the buying order will push toward $3,600 as the first upside target. Next, investors would flex their muscles to attain the horizontal resistance level at $4,000.

On the other hand, a daily close below the session’s low would indicate a lack of conviction among traders. On moving downward, the sellers could rest around the 200-day EMA of $3, 1526.80.

An extended sell-off could drag the price toward $2,800.

Technical indicators:

RSI: The daily Relative Strength Index remains neutral near the overbought zone. It holds at 70, a downtick in the indicator could weaken the bullish outlook.

MACD: The Moving Average Convergence Divergence trades above the central line with a neutral bias.

Trading volume: The Price Volume Trend shows the rising momentum along with the price.

 

Disclaimer
About Author