Ethereum price extends the previous session’s gains on Thursday. ETH trades in a very tight range with the underlying bullish current.
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- Ethereum price makes consolidated but positive moves.
- A decisive close above $2,780 will bring $3,200 on the investor’s radar.
- ETH sits above critical 50-day and 200-day SMAs on the 4-hour chart.
Ethereum price awaits another leg up
Ethereum price attempts to push higher to score more gains. On the 4-hour chart, ETH is comfortably sitting above both the 50-day and 200-day SMA (Simple Moving Average) at $2,601.32 and $2,730 respectively. ETH attainted the psychological $2,750 on Wednesday. The breakout is confirmed as the price retest the mentioned level once again. Further, a daily close above $2,750 will set the basis for the next directional bias.
Ethereum price must face an upside hurdle to print further gains. Moving ahead, bulls will face the first upside struggle at the descending trendline, which extends from the highs of $3,394.45. The bearish slopping line acts as a strong resistance for the asset. Ethereum’s price tests the immediate upside target at $2,854.
Trending volume shows a positive trend in correspondence to the price. Thus, a strong conviction for the next upside probability. A continuation of the strong buying pressure set the stage for the psychological $3,000 mark.
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An acceptance above $3,000 will fuel the hopes for another leg up as it remains a crucial level to trade. An extended buying power will bring the horizontal $3,200 level in play.
On the contrary, a failure to sustain $2,750 with a shift in buying sentiment might drag the price back into the trading channel. The first downside target could be located at the 50-day SMA at $2,640.
Technical indicators:
RSI: The Relative Strength Index reads at 64 suggesting the strength in the upside momentum.
MACD: The Moving Average Convergence Divergence advances north above the midline.
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As of press time, ETH/USD is trading at $2,773, up 0.59% for the day. The second-largest cryptocurrency 24-hour trading volume holds at $15,344,237451.
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