ETH price continues to slide in a tight range with limited price action. The current price action suggests that the second-largest cryptocurrency is on the cusp of a new uptrend. But, the downside risk remains intact.
- ETH prices remain range-bound with no clear direction.
- An uptrend in the swing if the price gives a daily close above $3,200.
- However, a break below the ascending trend line would invalidate the bullish theory.
As of publication time, ETH/USD reads at $3,014, up 0.04% for the day. According to CoinMarketCap, the 24-hour trading volume of the cryptocurrency holds at $9,013,464,978.
ETH makes consolidated moves
On the daily chart, the ETH price trades near the crucial $3,000 mark. The ascending trend line, which is extending from the lows of $2,445 acts as a support for the bulls. For the first time since Dec 10, the price managed to break the 50-day EMA (Exponential Moving Average) barrier on March 18. As a result, the ETH price surged 17% to the swing highs of $3,581.60. But only to retreat back to $3,000 slicing below the above-mentioned moving average.
However, still, the ETH buyers manage to hold the bullish slopping line indicating the bulls are not in a mood to give up easily. A daily close above $3,200 will bring the upside bias back into action.
On the higher end, the buyers will seek the swing highs around $34,000 first. In addition to that, an acceptance of the area would result in the break of the long-term consolidating range extending from $2,400 and $3,400. Investors will further collect the liquidity near the supply zone of $4,000.
Looking at the other side of the story, a slippage below the ascending trend line would continue the range-bound movement. In this case, the two stoppages would extend from $2,750 to $2,500.
The momentum oscillators remain neutral with no clear directional 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.
About Author
Source: https://coingape.com/markets/ethereum-price-prediction-eth-price-range-bound-near-3000-is-4000-on-the-way/