ETH Price Hovers Near $3,000; Buy or Hold?

ETH price trades with modest gains on Tuesday with limited price action. The price tested $2,900 but recovered quickly to reclaim the $3,000 mark. As the week fresh began, ETH briefly slipped below the vital support placed near $2,800 and manages to bounce back toward $2,950. Thus making the bulls hopeful for some recovery.

• ETH price manages to sustain the previous session’s gains although trades in a very tight range.
• However, a surge in the buying activity near the lower levels pushed the price higher sustaining the upward momentum.
• The test of the ascending trend line on the daily chart revives the hopes for the bulls at least in the short term.

ETH price traded with a cautious tone

Looking at the technical chart, the ETH price continued to slope down since the beginning of April resulting in the dreadful opening on Monday. Additionally, the second-largest cryptocurrency consolidates in a short-term trading range of $2,220 and $3,400 as the New Year begins. However, the lows have been rising from $2,200 to $2,800, the upside is capped near $3,400. Thus, making a crucial level to trade.

ETH price attempted to breach the level on April 2 after the consolidation for three-session, the price fell back inside the trading range. The price taken the support near the ascending trend line on the daily chart, as a result an immediate bounce back toward $3,050 could be anticipated. This coincides with the upper trend line.

An acceptance above the bearish slop line would pave the way toward the upside boundary place at $3,450. Further, an extended move toward the horizontal resistance line cannot be rule out.

Alternatively, a daily close below the low of the session would further drag the price to retest $2,500.

The Relative Strength Index (RSI) is trading at 46 oscillating near the average line.

As of writing, ETH/USD is trading at $3,003 down 0.16% for the day. As per the CoinMarketCap, the second-largest cryptocurrency’s 24-hour trading volume is at $19,031,626,553.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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.