ETH price treads water with no clear directional bias. The formation of a ‘Doji’ candlestick indicates a tug of war between bulls and bears. However, the ETH buyers managed to hold the vital $3,200 mark suggesting buying is emerging near the lower levels.
- ETH price edges higher on Friday with modest gains.
- Expect a rise in the price towards $4,000 inside ascending channel.
- The downside is capped near the 50-day EMA at $3,070.
ETH price trades inside ascending trend channel
On the daily chart, the ETH price trades inside the ascending trend channel from the lows of $2,445.0. As the price rallied 45% from the mentioned level, faced rejection near the ‘double top’ formation. The level is near $3,500. The recent high and low is a classic bullish pattern supporting the current price action.
Now, if the price contains the lower trend line then it will continue to move north. An immediate first upside target for the ETH buyers is waiting at the highs of April 3 at $3,581.60.
Next, the buying momentum would push the price toward the psychological $4,000 level.
On the flip side, a daily break below the 50-day EMA (Exponential Moving Average) at $3,071.17 would see the downside target of $2,800.
Next, the market participants would test the low of March 15 at $2,508.05.
As of publication time, ETH/USD trades at $3,221, down 0.06% for the day. The second-largest cryptocurrency by the market cap holds the 24-hour trading volume at $16,867,105,404 with a loss of more than 24%.
Stochastic Oscillators: The bounded oscillator trades near the oversold zone. Any bounce back in the indicator would strengthen the bullish outlook.
MACD: The Moving Average Convergence Divergence holds above the mid-line but with increasing bearish momentum.
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