Ethereum (ETH) Price Breached $3,000 Threshold, Next $3,500 On Cards!

By Rekha chauhan
February 5, 2022 Updated February 5, 2022
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Ethereum Price Analysis: Bloodbath On Crypto Market Triggers Fallout From Descending Wedge Pattern

Ethereum (ETH) price is extending the gains for the second day. ETH is set to score higher gains as the price is ready to move upward in the downward channel. The bears are losing grip over the price and looking for some supportive short-term trend line. Risk aversion led the gains in overall stock market cryptomarkets too copied the gains.

  • Ethereum price locks in modest gains on Saturday.
  • ETH’s price breaks above $2,690 and is heading towards the $3,500 level.
  • The MACD indicator is giving bullish strength looking for an upside of 15%.

As of press time, Ethereum’s (ETH) price is trading at $3,009.65, up 0.32% for the day. The 24-hour trading volume stands at $17,858,040,823 with more than 18% gains. Ether, the native coin of the Ethereum blockchain network

ETH looks for another leg up

On the daily chart, the Ethereum (ETH) price has lost 55% from the all-time high of $4,867.81. Ether observed the biggest single-day fall on January 21 after December 3 fall. The pair fell almost 18% and tested the lower trend line of the descending price channel.

Source: Trading view

However, after three weeks of consolidation once again Ether challenged the psychological $3K level. An acceptance above this level could result in another leg up in the pair.

The bullish momentum pushed the momentum indicator, the Moving Average Convergence Divergence (MACD) holds in the oversold zone with a bullish crossover. Further uptick in the MACD could trigger an upside of 16% in the short term.

Next, a daily close above the upper trend line of the descending channel will result in meeting the $42,00.

Alternatively, the double top formation is a bearish reversal pattern near the current levels would invalidate the bullish thesis. The interim support could be found at $2,500.

 

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
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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