Ethereum (ETH) Price Bounces From Support Zone, 200 EMA Offers Minor Upside Hurdle
Ethereum (ETH) rises above the $3,300 mark following the previous session’s gains. After testing the highs, the world’s largest altcoin retraced lower and trades with 0.60% losses. Although, the price has recorded gains of 3.16% over the last seven days.
- ETH shows bullish interest from the long-term support zone of $2,900.
- A daily acceptance above 200-EMA is essential to chart the new bull cycle.
- USDC’s stablecoin supply on Ethereum surpassed Tether (USDT) for the first time.
Ethereum (ETH) blockchain knock down rivals USDT
Rival Tether (USDT) lagged for the first time by the total supply of the USDC stablecoin on the Ethereum blockchain. The current total supply of USDC on Ethereum is recorded at 39.92 billion, whereas it stands at 39.82 billion on USDT’s blockchain.
On the technical chart, the descending trend line from the high made on November 10 acts as a strong resistance barrier for the bulls. The lower highs and lower lows pattern dragged the price to the levels last seen in September. The intersection of the bearish slopping line and the interim resistance appears at $3,500. A break above this level will fuel the fresh upside rally in ETH with the first target placed at the horizontal resistance level around $3,800. The technical indicators remained in the oversold zone. Any uptick could see a jump in the prices.
The formation of a bullish “hammer” candlestick pattern from the lows of $2,928.69 on January 10 has resulted in four days of upside momentum. The ETH bulls enters into profit booking from the highs of $3,413.36 on January 13. However, the bears fails to exert much pressure on the price. Furthermore, an acceptance above 200-EMA (Exponential Moving Average), which stands at $3,486 is a prerequisite to keep the bullish sentiment intact.
Looking at the other side of the coin, a daily close below the January 14 low of $3,188.4 could be the reason for the bear’s joy while keeping eye on the crucial support level of $2,900.
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- James Wynn Takes XRP Long Bet After Ripple Prime Announcement
- Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
