ETH price manages to print some gains on Wednesday but within the limited price action. The recent downswing has pushed it to the vital support level extending from $2,700 to $2,800 indicating a bearish outlook. However, the formation of several ‘Doji’ candlesticks suggests indecision among traders as to what will happen next in the price.
- ETH price continues to consolidate near $2,800 with a neutral bias.
- A sustained buying pressure could push the price toward $3,000.
- However, the downside risk remains intact near the ascending trend line.
ETH price glides into a consolidation
On the daily chart, the ETH price dropped 24% from the swing highs of $3,581.60 with the formation of a ‘hanging man’ as the buying momentum dropped considerably. Now, the price has been in a short-term consolidation phase since it tested the swing lows around $2,710 at the beginning of the week.
Currently, the price is hovering near the reliable support below the critical 50-day ema (Exponential Moving Average) at $3,000. An acceptance above this moving average will open the gates for the highs of April 21 at $3,210, this also coincides with the horizontal resistance level.
On the flip side, a daily close below the low of the session would invalidate the bullish theory for the price. In that case, the bears would drag the price toward the lows of March 16 at $2,604.32. In addition to that, a resurgence in the selling pressure would push the price to the horizontal support zone at $2,500.
As of publication time, ETH/ USD is exchanging hands at $2,844, up 2.63% for the day. The second-largest cryptocurrency by the market cap is sustaining the 24-hour trading volume at $14,469,561,525 as updated by CoinMarketCap.
MACD: The moving average convergence divergence hovers below the midline with a receding bearish momentum.
RSI: The relative strength index oscillates near the average line with no clear directional bias. Any uptick in the oscillator would produce a higher price probability.
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