Categories: Altcoin News News Price Analysis

Ethereum price launches for new record highs above $3,000

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  • Ethereum bulls’ persistent push for new all-time highs yields after breaking $2,300.
  • Ether’s path with the least hurdles is north, as confirmed by the MACD on the four-hour chart.
  • Closing the day above $2,300 could allow bulls to focus on $3,000.

Ethereum has been keen on joining the ongoing bull cycle. Initially, it was an uphill task to reclaim the ground above $2,000, but bulls never lost focus. Support at $2,200 confirmed the market stability, allowing buyers to glance at higher price levels. Meanwhile, ETH dodders at $2,320 amid the roll to another new record high.

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Ethereum gains ground as $3,000 beckons

At the time of writing, the least resistance path is upward, as reinforced by the Moving Average Convergence Divergence (MACD). This indicator is nether exclusively bullish or bearish biased. However, it identifies positions where traders can buy the dip or sell the top. Moreover, the MACD foresees the asset’s general trend and measures the momentum.

ETH/USD four-hour chart

ETH/USD price chart by Tradingview

A MACD line (blue) crossing above the signal line implies that traders should be buying more or holding in anticipation of growth. On the other hand, crossing underneath the signal line hints at the trend flipping bearish.

In the meantime, the MACD emphasizes that Ethereum is comfortably in the bulls’ hands. As the divergence from the signal line expands, the bullish momentum strengthens. Note that crossing above the $2,500 would be a significant milestone for Ethereum and may trigger massive buy orders toward $3,000.

Ethereum intraday levels

Spot rate: $2,333

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Trend: Bullish

Volatility: Expanding

Support: $2,200 and $2,100 and $1,900

Resistance: Undetermined

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John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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