Ethereum price edges higher with significant gains on Tuesday. The price opened lower but the sustained buying pressure pushed the price to test the critical $3,000 mark in two weeks.
- Ethereum price prints gain for the second straight day.
- A decisive close above the parallel channel will test the $4,000 mark.
- Strong resistance placed near $3,200 on the daily chart.
Ethereum price consolidates inside rectangle formation
On the daily chart, the Ethereum price attempts to test the coveted $3,200 mark. The price is consolidating inside the parallel channel for the past three months, with a lower range of $2,150 and an upper boundary capped at $3,200.
The price remains pressured below the 200-EMA (Exponential Moving Average) at $3,195. Thus make $3,200 a crucial level to trade. The volumes support every time the price bounces from the support level.
Furthermore, the price faces rejection at $3,200 on January 20 and February 10. A renewed buying pressure will push the price toward $3,600.
An extended buying pressure will bring the horizontal $4,000 into play.
On the flip side, a rejection near the session’s high will revert back the price to the immediate support placed near $2,700.
RSI: The daily Relative Strength Index trades strongly above the average line. The current reading at 60.
MACD: The Moving Average Convergence Divergence holds above the central line with a bullish bias. An uptick in the indicator will strengthen the upside outlook.
OBV: The On Balance Volume holds near the one-month high suggesting bulls are dominating the price action.
As of press time, ETH/USD is trading at $3,009.65, up 4.10% for the day. The second-largest cryptocurrency by market cap stands at $16,990,216,123 as per the CoinMarketCap.
- G7 Countries to Discuss Crypto Assets This Week After Recent Terra Ecosystem Collapse
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark