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Ethereum price action edges higher with significant gains. ETH extends the gains for the third straight session with increasing volumes. But the upside needs to clear multiple hurdles to reverse the prevailing downtrend.
- Ethereum’s price reclaims a one-week high on Wednesday.
- Expect more gains if close above 50-day EMA at $2,820.
- The momentum oscillators trade with a positive bias.
Eth respects the critical support near $2600 with multiple stoppages. Sellers remain exhausted as buying emerges in an attempt to break the long-term downtrend.
Ethereum price trades near resistance
On the daily chart, the Ethereum price forms ‘three inside up’, a bullish reversal pattern. If the buying pressure remains consistent the price meet the long-term upside barrier at the 50-day EMA (Exponential Moving Average) at $2,820.
Next, market participants will march toward the psychological $3,000 level.
A resurgence in the buying order paves the way toward the horizontal resistance level at $3,260.
On the flip side, if the price reverses the direction and slips below the session’s low then it will negate the bullish outlook for the asset. Moreover, a break of the short-term support at $2,500 triggers a fresh round of selling. In that case, the immediate downside target is placed at lows of February 23 at $2,300.
Technical indicators:
RSI: The daily Relative Strength Index trades above the average line with a bullish bias. Currently, it reads at 51.
MACD: The Moving Average Convergence Divergence oscillates below the midline since February 17. Now, the indicator attempts to pierce above the central line.
OBV: The On Balance Volume indicator shows the strength in the demand as the price record fresh gains.
As of writing, ETH/USD is trading at $2,706, up 3.30% for the day. The 24-hour trading volume of the second-largest cryptocurrency by market cap holds at $16,452,120,534.
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