ETH price continues to slide in a tight range with limited price action. The current price action suggests that the second-largest cryptocurrency is on the cusp of a new uptrend. But, the downside risk remains intact.
- ETH prices remain range-bound with no clear direction.
- An uptrend in the swing if the price gives a daily close above $3,200.
- However, a break below the ascending trend line would invalidate the bullish theory.
As of publication time, ETH/USD reads at $3,014, up 0.04% for the day. According to CoinMarketCap, the 24-hour trading volume of the cryptocurrency holds at $9,013,464,978.
ETH makes consolidated moves
On the daily chart, the ETH price trades near the crucial $3,000 mark. The ascending trend line, which is extending from the lows of $2,445 acts as a support for the bulls. For the first time since Dec 10, the price managed to break the 50-day EMA (Exponential Moving Average) barrier on March 18. As a result, the ETH price surged 17% to the swing highs of $3,581.60. But only to retreat back to $3,000 slicing below the above-mentioned moving average.
However, still, the ETH buyers manage to hold the bullish slopping line indicating the bulls are not in a mood to give up easily. A daily close above $3,200 will bring the upside bias back into action.
On the higher end, the buyers will seek the swing highs around $34,000 first. In addition to that, an acceptance of the area would result in the break of the long-term consolidating range extending from $2,400 and $3,400. Investors will further collect the liquidity near the supply zone of $4,000.
Looking at the other side of the story, a slippage below the ascending trend line would continue the range-bound movement. In this case, the two stoppages would extend from $2,750 to $2,500.
The momentum oscillators remain neutral with no clear directional bias.
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