Ethereum price extends the previous session gains on Wednesday. However, ETH is still hovering below the psychological $2,880 mark. Still, Ethereum’s price has room to go higher once a decisive close above the bearish slopping line extending from the highs of $4,759.
- Ethereum price creeps higher on Wednesday.
- The upside is capped near the descending trend line at $2,880.
- However, momentum oscillators tilt in favor of a bullish outlook in the short term.
As the U.S session begins the price experience some retracement from the higher levels but still trades with a positive bias.
Ethereum price still needs confirmation to move higher
Ethereum price is trading higher with significant gains but witnesses a little pullback from the higher levels. A continued buying pressure is required to close above the psychological $2,800 mark.
The upside momentum is expected to continue in the short term as buying pressure remains consistent. As a result, the first upside hurdle from the current levels could be located at $2,830. ETH price must give a daily close above this level along with above-average volumes.
Next, ETH bulls will face some resistance at the 50-day EMA (Exponential Moving Average) at $2,880.
Expect a windfall gain as the price will prepare for a jump to a $3,200 horizontal level following the attainment of $2,880 mark. This will be a crucial milestone for the bulls.
Investors will further look for additional gains toward the critical 200-EMA placed at $3,545.78.
On the flip side, a rejection toward the descending trend line will invalidate the bullish outlook for the asset. The immediate downside target could be found at $2,400.
Technical indicators:
RSI: The daily Relative Strength Index reads at 49 above the average line. However, the bullish divergence since February 22 capped the downside in the price.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral outlook.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Source: https://coingape.com/markets/ethereum-price-prediction-moves-toward-50-day-ema-at-2880-need-to-close-above-the-descending-trendline-to-continue-upside/