ETH price extends the previous session’s gains and remains positively biased. The price opened lower but recovered to test the session’s high. Since then ETH price trades side-lined as it awaits for confirmation to continue moving higher.
- ETH price continues to march higher on Tuesday.
- Expect more gains towards $4,000 amid sustained buying momentum.
- The price trades near a crucial resistance level.
ETH price continues north
On the daily chart, the ETH price makes impressive gains over the past two weeks. The strong buying pressure is expected to remain intact as volumes remained supportive. Now, the price hovers near the crucial support-turned-resistance level around $3,440.
A renewed buying pressure is required to move beyond the mentioned level. Investors will meet the first upside target at the $3,756.84 horizontal resistance level.
Next market participants will tag the psychological $4,000 level as a token to begin the fresh upside momentum.
On the contrary, a shift in the bullish sentiment might pause the gains and the price could retrace to test the immediate support at $3,200. If the price breaks below the crucial 200-EMA (Exponential Moving Average) in that case the selling could be intensified. On further moving down ETH’s price might revisit $3,000.
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As of publication time, ETH/USD is trading at $3,427, up 2.73% for the day. The second-largest cryptocurrency by the market cap is holding the 24-hour trading volume at $20,214,200,262 with nearly 15% gains as per the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index trades strongly above the average line. Currently, it reads at 71 near the overbought zone.
MACD: The Moving Average Convergence Divergence with strong bullish bias reads above the midline.
Trading volume: The On-balance volume indicator depicts the demand-driven growth in the price.
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