Ethereum’s price extends the previous session’s gains and tested the $3,100 mark. The price looks for further gains beyond the critical 200-day EMA.
- Ethereum price trades higher with remarkable gains.
- A decisive break above the 200-EMA will set the road for $4,000 next.
- ETH price approaches monthly highs near $3,190.
Ethereum price test one-month high
On the daily chart, the Ethereum price surged 35% from the lows of vital support placed around $2,500. Furthermore, the price also moved above the 50-day EMA (Exponential Moving Average) at $2,846.08. Currently, ETH is just a tad below another critical moving average the 200-EMA. Another important consideration is the volumes. The rise in price is deeply supported by the above-average volumes. This sum ups to a strong bullish undercurrent in ETH.
Now, a daily close above the 200-EMA at $3,147.73 would break the short-term range for the asset. ETH traded in a trading range of $3,274.00 and $2,500. Investors will meet the next crucial hurdle at $3,600.
Next, a continuous buying momentum will push the price toward the psychological $4,000 level.
On the contrary, if the price fails to sustain the session gains then it might fall back to the 50-day EMA at $2,856.57. A daily close below the mentioned level would further explore the old support at $2,500.
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As of writing, ETH/USD trades at $3,111.09, up 2.36% for the day. The 24-hour trading volume of the second largest cryptocurrency holds at $18,973,504,133 according to the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index is trading at 61 above the average line with a strong upside bias.
MACD: The Moving Average Convergence Divergence is hovering above the midline signaling an underlying bullish current.
Trading volume: The On Balance Volume (OBV) indicator is rising in accordance with the price.
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