ETH price makes significant moves on Wednesday, the price manages to gather some upside momentum following the downswing since April 4. Although, the price found strong support around $2,950, but still faces challenges below the critical moving averages.
- ETH price manages to trade in the green with decent gains.
- Investors expect to reach $3,300 above the daily close of the 50-day EMA.
- The momentum oscillator hovers near the oversold zone favoring the bullish outlook.
ETH price looks for upside signal
ETH price attempts to revive from the recent downswing, as for the past three sessions the price hovers near $2,950. But the recent technical setup suggests a bullish reversal around the corner.
A ‘Morning star’ formation, a bullish pattern formed near the recent lows. But the upside faces an immediate upside hurdle at the 50-day and 200-day EMAs (Exponential Moving Average) at $3,075 and $3,157 respectively.
A sustained buying pressure would push the ETH price toward the horizontal resistance zone at $3,339.99. Further, this also coincides with the descending trend line.
On the contrary, a daily candlestick below $2,950 could pose a downside risk again. In that case, the first downside is placed near $2,750.
ETH’s price has been trading in a short-term range of $2,300 and $3,400 since January. The price attempted to break the range on April 1, but the bulls failed to break away the range and retraced back to the upper boundary.
The bearish trend line, which is extending from the $4,867.81 made on November 10 acts as a strong resistance barrier for the bulls.
The stochastic oscillator remains in the oversold zone for the last three sessions. Any uptick in the indicator would bring the much-needed bullish momentum to the pair.
As of press time, ETH/USD trades at $3,102 up 2.41% for the day.
- Just In: Latest Report On Tether’s Fund Reserves
- Crypto Proponent Outlines Catalysts For Bitcoin’s Next Bull Run, Time To Buy?
- Terra’s UST Causes A 20% Dump In DeFi Token Curve (CRV), Here’s How
- Can Tron Fill The Hole In DeFi Left By Terra?
- Terra Crash Causes Ripple Effect Among Crypto Startups, Here’s How
- Bitcoin (BTC) To Slip Further Below $29K Today, Where’s The Bottom?
- LUNA, UST Volatility Spikes As Voting On Terra Fork Begins
- Panama Delays Legalizing Crypto On This Major Factor
- Big Investors in Terra LUNA Finally Break Silence, Here’s What They Have to Say
- Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?