ETH price erased all the prior gains and retraced lower in the later trading session. ETH Bulls took the charge with the support of good volumes since Monday as a result ETH prices scaled up remarkably. An intraday move above $3,170 would be a Launchpad for a jump toward $3,600.
- ETH price trades with no meaningful price action on Wednesday.
- A decisive close above the 200-day EMA would see more gains toward $3,600.
- The downside risk remains intact below $3,000 on the daily charts.
ETH price struggles near the upside barrier
ETH price is brewing up the bullish momentum for a break above the critical 200-day exponential moving average (EMA) at $3,170 which has pressured the price for almost a week. ETH bulls are getting support from the above-average volume in the past three-day as can be seen on the daily chart.
Now, an acceptance above the mentioned upside hurdle could be considered as a key level triggering an upside breakout in the asset.
The first upside target could be found in the April 6 highs at $3,408 followed by the horizontal resistance level at $3,600.
On the contrary, a fall below the 50-day exponential moving average (EMA) could reject the bullish hypothesis in ETH. This could trigger profit-booking and the investors might wind up their short-term long positions. If that happens, it would be a setback for the buyers who are aspiring for a significant run-up from the current levels.
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As of writing, ETH/USD exchange hands at $3,107.60, up 0.15% for the day, while the 24-hour trading volume of the second largest cryptocurrency holds at $15,080,443,022 as updated by the CoinMarketCap.
Technical Indicators:
RSI: The daily relative strength index oscillates near the average line with a bullish bias.
MACD: The moving average convergence divergence remains in the positive zone and advocates for an upside outlook.
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