ETH price trades with modest gains on Tuesday with limited price action. The price tested $2,900 but recovered quickly to reclaim the $3,000 mark. As the week fresh began, ETH briefly slipped below the vital support placed near $2,800 and manages to bounce back toward $2,950. Thus making the bulls hopeful for some recovery.
- ETH price manages to sustain the previous session’s gains although trades in a very tight range.
- However, a surge in the buying activity near the lower levels pushed the price higher sustaining the upward momentum.
- The test of the ascending trend line on the daily chart revives the hopes for the bulls at least in the short term.
ETH price traded with a cautious tone
Looking at the technical chart, the ETH price continued to slope down since the beginning of April resulting in the dreadful opening on Monday. Additionally, the second-largest cryptocurrency consolidates in a short-term trading range of $2,220 and $3,400 as the New Year begins. However, the lows have been rising from $2,200 to $2,800, the upside is capped near $3,400. Thus, making a crucial level to trade.
ETH price attempted to breach the level on April 2 after the consolidation for three-session, the price fell back inside the trading range. The price taken the support near the ascending trend line on the daily chart, as a result an immediate bounce back toward $3,050 could be anticipated. This coincides with the upper trend line.
An acceptance above the bearish slop line would pave the way toward the upside boundary place at $3,450. Further, an extended move toward the horizontal resistance line cannot be rule out.
Alternatively, a daily close below the low of the session would further drag the price to retest $2,500.
The Relative Strength Index (RSI) is trading at 46 oscillating near the average line.
As of writing, ETH/USD is trading at $3,003 down 0.16% for the day. As per the CoinMarketCap, the second-largest cryptocurrency’s 24-hour trading volume is at $19,031,626,553.
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