ETH price makes no clear move with very limited price action. The current price action suggests bulls attempt to hold near the stable support level to set a base for the next round of buying conditions.
- ETH price trades with modest gains following the previous range bound movement.
- A daily close above $3,200 will set the directional bias for a new uptrend.
- However, if the price slips below the ascending trend line enough to ignore the bullish outlook.
The second-largest cryptocurrency by the market capitalization holds the 24-hour trading volume at $12,367,183,635 with a decline of 21% as updated by the CoinMarketCap.
ETH price takes support near the bullish trend line
ETH price tested the swing lows around $2,990 after the price retraced 17% from the swing highs of $3,581.60. However, the price faces an upside barrier at the 50-day EMA (Exponential Moving Average) at $3,073.
However, the ascending trend line, which is extending from the lows of $2,445.00 acts as a support for the bulls. A resurgence in the buying pressure would push the price above the critical moving average. If that happens, the first upside target would be the highs of April 11 highs of $3,214.88.
In addition to that, an acceptance above $3,200 will encourage the bulls to take out of the horizontal resistance zone placed at $3,400.
Eth price is consolidating in a short-term range of $2,400 and $3,400 since January. The price surged nearly 45% from the double bottom near $2,400.
As of press time, ETH/USD is trading at $3,027, up 0.19% for the day.
Technical Indicators:
Stochastic Oscillator: The indicator trades near the oversold zone. Further, it forms triple bottom hinting at the possible bounce back.
MACD: The moving average convergence divergence hovers above the midline with a neutral bias.
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.
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Source: https://coingape.com/markets/ethereum-price-prediction-eth-price-consolidates-near-3000-hold-or-exit/