Ethereum price closing the gap to $3,000 but faces challenging hurdles at $2,800

Published April 29, 2021 | Updated April 29, 2021

Ethereum price closing the gap to $3,000 but faces challenging hurdles at $2,800

  • Ethereum hit historical highs of $2,761, clearing the path to $3,000.
  • The least resistance path is north, but resistance at $2,800 delays the upswing.
  • Losing the immediate support at $2,700 could see Ethereum drop to $2,500.

Ethereum has been consistent with its journey to hit record highs above $3,000. Last week the pioneer smart contract token tested support at $2,000 before renewing the uptrend. Breaking the various barriers on the way encouraged investors to increase their positions, speculating the ultimate lift to $3,000.

Ether exchanges hands at $2,712 at the time of writing. The correction follows the resistance at the all-time of $2,761, making it difficult to extend the bullish leg above $2,800. Support at $2,700 is crucial to the ongoing uptrend; therefore, it shouldn’t be lost.

Generally, the trend seems upward at writing based on applied technical indicators such as the Moving Average Convergence Divergence (MACD). This indicator follows the trend of an asset and measures its momentum. Although the MACD cannot tell whether the crypto asset is overbought or oversold, it identifies positions to sell the top and buy the dip.

Meanwhile, the MACD is in the positive region (above the mean line). The MACD line (blue) continues to sustain the divergence from the signal line, which is a significant bullish signal. If this technical formation is unchanged in the short term, Ethereum will build momentum for the ultimate spike past $2,800 and toward $3,000.

ETH/USD four-hour chart

ETH/USD price chart
ETH/USD price chart by Tradinngview

On the downside, numerous support levels hinder declines from immensely damaging the progress made in the past week. For instance, buyer congestion is expected at $2,600, the 50 Simple Moving Average (SMA) marginally above $2,400, and the 200 SMA near currently holding around $2,200.

Ethereum intraday levels

Spot rate: $2,704

Trend: Bearish

Volatility: Growing

Support: $2,600, $2,400 and $2,200

Resistance: $2,761 and $2,800

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.
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John Isige 1104 Articles
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