Ethereum (ETH) price trades in green for the second straight day. Wall Street set to open on a muted note following two days of gains. Further, the US dollar is experiencing selling pressure near the higher levels around $97.0. The crypto space is the direct beneficiary of the slowdown in the greenback.
- Ethereum’s (ETH) price kick starts the new trading session on a firmer note.
- Expect a further rise in the price beyond $3,000.
- Volume supports the current price action rose 30% in 24-hour
At the press time, the second-largest cryptocurrency is trading at $2,801, up 3.50% for the day. The 24-hour trading volume stands at $14,538,884,814 as per the CoinmarketCap.
Ethereum needs to cross $3,000 to sustain the current rally
On the daily chart, after consolidating near the $2,300 level ETH/USD is started to rise from January 28. However, the bulls need to maintain the momentum to seek an upside of 30% from the current levels. The first hurdle for the investors is placed at the January 21 high of $3,034.02.
Ether price has depreciated 44% from the January highs. The price is still struggling below the 20-DMA at $2,813. The daily relative strength index (RSI) is at 42 with a bullish crossover.
Another momentum oscillator, the MACD (Moving Average Convergence Divergence) holds near the oversold zone. Any uptick in the indicator would strengthen the case for the bulls.
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On the other hand, a failure to close above the 20-DMA would inspire investors to liquidate their holding and prepared for a fresh round of selling towards $2,011, the levels were last in July.
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