- Ethereum price analysis shows bulls ruling the charts at ETH targets $3,000
- ETH/USD climbs to $2,722 and now consolidates near $2,630 range
- Ethereum needs to close the day above $2,700 to rise above the 55-day MA
Ethereum bulls are reigning on the charts as they attempt to regain the $3,000 level. There is strong base near $2,200 which is providing massive support to the pair. Over the past 24 hours, the ETH/USD pair has risen by more than 4.5 percent and has broken above the asymmetrical triangular pattern that was holding the pair back since past two weeks.
Today, the Ethereum price analysis shows that the charts show emergence of a bullish symmetrical triangle on the hourly charts. The lower boundary of the triangle is at $2,200, and thus provides massive support to the bullish price action. The same triangle has allowed the ETH/USD pair to rise above the 100-day moving average, and helping it push past the upper range of the triangle at $2,600.
Today, Ethereum has touched a high of $2,722 and has since corrected back to near $2,640 range. As the day progresses, more buy orders can push the ETH/USD pair past the $2,800 resistance zone.
Ethereum price movement in the past 24 hours: consolidation after touching $2,900
Looking at the hourly charts, it seems that the consolidation after the downturn is now turning into an accumulation. The sudden rise to $2,915 high yesterday shows that the bulls do have the inherent strength and can pile up buy orders to push the ETH prices higher. Ethereum price analysis shows that that the gradual rise against US dollar is now challenging key resistances.
There has been a confident break above $2,550 where lies the vital bearish trend lines that began a week ago. The pair is showing signs of rising above the $3,000 resistance zone provided it completes the breakout from the Bollinger Bands which are currently pushing past $3,100. The sellers are going to increase the selling pressure near $3,000 resistance zone. If successful, the pair can touch higher price points at $3,400 level.
In case the bears build selling pressure, the pair can slide towards $2,100. The asymmetrical triangle is still live and unphased by the recent breakout towards $2,900. The overhead resistance will also play spoilsport and trigger a correction near the upper reaches of the Bollinger Bands.
ETH/USD 4-hour chart: Ethereum price may face rejection near $2,800
Ethereum price analysis shows that the pair is facing volume dearth near $2,800 to $2,600 zone. The pair is struggling to cross $2,800 confidently, and close above the same. A stiff rejection due to heavy selling can push the prices near $2,383 where it started the present week. Such an 11 percent decrease in price can also challenge the lower boundaries of the rising Bollinger Bands and change their trajectory.
The ascending price channel also faces resistance up ahead at $2,900. Ethereum price analysis shows that the same trend is evident from yesterday’s fall from $2,915. The lower trend line at $2,690 will also put rising pressure on the pair.
The RSI at 47 signals an upward slope which is a good sign for the bulls. The MACD is also completing a minor cross over on the hourly charts which bodes well for the pair according to Ethereum price analysis. However, if the volumes do not support the pair, it can decline towards $1,850 and invalidate the current optimism.
In that case, there can be a rise in selling pressure which may trigger a consolidation in ETH/USD pair taking the price to $1,730.
Ethereum price analysis conclusion: Bulls target $3,000 in wake of increased liquidity
In the past few days, the ETH price shows increased signs of a breakout as the price hovers near 2,500. The vital cross above the $2,550 resistance line on the hourly chart also broke past the 50 percent Fibonacci resistance from the $2,900 highs. The 55-day moving average is now below the price and is giving boost to the bulls to close above $2,730 level.
As per Ethereum price analysis, there is a strong tendency to move past $2,730 level where the 76.4 percent Fibonacci level beckons the buyers. A clear breakout above $3,000 will trigger more buy orders as the recovery rally will swing major resistance levels higher up.
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