Ethereum price extends the previous session gains on Wednesday. However, ETH is still hovering below the psychological $2,880 mark. Still, Ethereum’s price has room to go higher once a decisive close above the bearish slopping line extending from the highs of $4,759.
- Ethereum price creeps higher on Wednesday.
- The upside is capped near the descending trend line at $2,880.
- However, momentum oscillators tilt in favor of a bullish outlook in the short term.
As the U.S session begins the price experience some retracement from the higher levels but still trades with a positive bias.
Ethereum price still needs confirmation to move higher
Ethereum price is trading higher with significant gains but witnesses a little pullback from the higher levels. A continued buying pressure is required to close above the psychological $2,800 mark.
The upside momentum is expected to continue in the short term as buying pressure remains consistent. As a result, the first upside hurdle from the current levels could be located at $2,830. ETH price must give a daily close above this level along with above-average volumes.
Next, ETH bulls will face some resistance at the 50-day EMA (Exponential Moving Average) at $2,880.
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Expect a windfall gain as the price will prepare for a jump to a $3,200 horizontal level following the attainment of $2,880 mark. This will be a crucial milestone for the bulls.
Investors will further look for additional gains toward the critical 200-EMA placed at $3,545.78.
On the flip side, a rejection toward the descending trend line will invalidate the bullish outlook for the asset. The immediate downside target could be found at $2,400.
Technical indicators:
RSI: The daily Relative Strength Index reads at 49 above the average line. However, the bullish divergence since February 22 capped the downside in the price.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral outlook.
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