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 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.
Dogecoin price has crashed in the past few weeks as it moved into a bear…
The Solana price has regained stability above $180 after several volatile weeks. SOL price continues…
Ethereum price is gaining renewed attention as analysts highlight what they call the “perfect time…
BNB price is showing renewed strength as it attempts to reclaim higher ground toward the…
XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…
The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…