Ethereum price has surpassed the $3,200 psychological level with higher average volumes. After weeks-long consolidation, ETH rallied more than 50% to the recent highs. Investors are expecting more gains above the 50 SMA (Simple Moving Average) at $3,195.80.
- Ethereum (ETH) price fails to capitalize on the previous session gains.
- ETH records a 50% gain from January’s low, now facing stiff resistance.
- Momentum oscillators give mixed signals, warn of any aggressive bids.
Ethereum rally inside rising wedge formation
On the daily chart, Ethereum has tossed a crucial resistance barrier, indicating sustained buying pressure. Further, the price has sliced through the 50 SMA at $3,196 again confirming the bullish outlook for the pair.
Eth has depreciated nearly from the all-time highs of made in November. After the exponential rise of 50% testing upon the lows made in January. This technical setup sets a bullish tone craving for further reasonable gains.
Market participants believe that any probable spike in buying interest is likely to push Ethereum’s price to retest the $3,600 psychological level. Furthermore, if buyers manage to overturn this barrier into a support zone, then the price could attempt to recoup the $4,000 horizontal resistance line.
ETH is moving inside ‘rising wedge’ a bearish continuation pattern. If the price closes below the $3,000 horizontal support zone. This also coincides with the break of the lower trend line of the pattern. The first downside target is placed at a $2,800 support zone, the level last seen in September.
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However, a breakdown of the mentioned level could trigger a potential downside to the $2,324 barrier. Now, if a daily candlestick closes below this significant mark that would form a lower low and invalidate the short-term bullish outlook for the pair.
Technical indicators:
RSI: The Daily Relative Strenght Index (RSI) trades at 62, still below the overbought zone which tells the market is still far from overheating.
MACD: The Moving Average Convergence Divergence (MACD) indicator just breached the midline with a bullish crossover. Any uptick in the indicator could bring fresh buying opportunities.
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