Ethereum’s price increased on Wednesday to surpass its session gains. ETH trades below $2,880 psychological level. Still, once a decisive close above the bearish sloping line stretching from the highs of $4,759 is achieved, Ethereum’s price has room to rise.
In the four last months, the king al has seen a dramatic fall in its ATH. There was an intense battle between sellers and buyers at the Point of Control of $3,100.
Ethereum is Below the Psychological Barrier
ETH will test the $2,862 level before moving into a possible low volatility phase on the Bollinger bands. If the altcoin is following its historical trends (BB), The $2,500 support level could be a good place to find short-term support if the alt hits higher bottoms.
While Ethereum’s price is moving higher at the moment, it has seen a moderate retreat from earlier levels. Additional buying pressure is necessary to push the price above $2800.
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The upward momentum will continue for as long as there is buying pressure. Therefore, $2,830 could become the first downside barrier from the current levels. The daily closing price for ETH has to be above $2,830 with higher volumes than average.
Trades in ETH/USD below $3000 Source: TradingView
The resistance to ETH bulls is provided next by the 50-day EMA (Exponential moving average) at $28,880.
As it reached higher lows, the RSI diverged bullishly from the price. This confirmed buying power near its trendline support. The chances of further gains towards 54-point resistance would be increased if the close is above the middleline.
Both the MACD lines and the zero-line were on the verge of being crossed over to the bullish side. To claim unlimited bullish momentum, they have to cross the zero line if they do.
This will be combined with the impending RSI limitation of 50.75 the most important roadblock to prevent bulls hitting $3,000
The 10-day and 25 day moving averages that are set to cross will boost bulls’ confidence.
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Getty Images Featured Image, chart by Tradingview.com
