Ethereum Price Analysis: ETH pivotal at $2,500 but is $3,000 achievable?

Published April 27, 2021 | Updated April 27, 2021

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Ethereum Price Analysis: ETH pivotal at $2,500 but is $3,000 achievable?

  • Ethereum brushes shoulders with $2,500 but loses momentum.
  • Support at $2,400 remains key to the uptrend, while gains above $2,600 could bolster Ether past $3,000.
  • The MACD reinforces the bullish outlook, suggesting that the uptrend is intact.

Ethereum tested support at $2,000 during the broad-based declines in the cryptocurrency market last week. Support at the 200 Simple Moving Average (SMA) on the four-hour chart and $2,200 played a crucial role in ensuring that the recovery is steady.

On Monday, bulls increased the grip on the price by breaking above the 50 SMA and 100 SMA. As the technical levels improved, Ether closed the gap heading to $2,500. A brief break above this level saw bulls shift their attention toward the recent record high of $2,600.

However, selling pressure is becoming apparent as resistance at $2,500 remains unshaken. ETH trades marginally under $2,500 amid the intense tug of war.

The Relative Strength Index (RSI) shows that bears could emerge stronger, sabotaging the breakout toward $2,600 and $3,000, respectively. A bearish divergence from the price seems to reinforce the bearish outlook. Unless the RSI break above the trend line and enters the overbought region, overhead pressure will rise in the near term.

Moreover, a real break past $2,500 would allow bulls to focus on gaining ground past $2,600. Trading above this level would also trigger massive buy orders as the uptrend builds toward $3,000.

ETH/USD four-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bullish impulse. The MACD line increases the divergence from the signal line while the indicator holds within the positive region. If this technical outlook holds, Ethereum will settle above $2,500, setting the framework for gains eyeing $3,000.

Ethereum intraday levels

Spot rate: $2,502

Trend: pivotal at $2,500

Volatility: Low

Support: $2,400, $2,200 and $2,000

Resistance: $2,600

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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
John Isige 942 Articles
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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