Ethereum (ETH) price traded mildly lower on Wednesday after the two consecutive sessions of gains. Ether keeps eye on the immediate upside target at $3,000. At the press time, ETH/USD is changing hands at $2,754, down 1.25% for the day.
- Ethereum (ETH) price exhibits a short-term bullish outlook on the weekly chart.
- The ascending trend line breaks depict a strong support level for the pair.
- Double support around $2,170 provide grounds for the upside momentum
Ether has been observing some resilience around the crucial support level. Traders look for some confirmation to dive into the next price action.
Ether Looks for U-turns on Weekly charts
On the weekly charts, the Ethereum (ETH) has formed a ‘Spinning top’ on November 8 that resulted in a 45% depreciation in the value. Traders found the support near the $2,170, the levels bulls have tested thrice in the past. Thus making it a crucial level to trade.
Furthermore, the ascending trend line from the lows of $551.45 in the third week of December provided the support for the bulls to maintain the upside momentum.
The bullish slop line has been tested twice in the third week of July, and once again in the second week of January. However, this time sellers overpower and drag the price to test the horizontal support line at $2,170.
The momentum oscillator, the daily relative strength index (RSI) holds onto the oversold zone, which keeps the bulls hesitant to make any aggressive bets.
The first upside target could be found at the psychological $3,000. Furthermore, a weekly close above the mentioned level could force the price to jump almost 33% towards the $4,000 level.
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Source: https://coingape.com/markets/ethereum-eth-price-bounces-from-weekly-lows-near-2170-00/