The second-largest crypto was trading between $3380 to $2400 ever since the beginning of 2022. After flipping the bottom at $2500 the ETH price maintained a significant uptrend and registered constant healthy green candles. However, since the asset reached crucial levels around $3384, it began consolidating with equal participation of the bulls and the bears. And hence the monthly close may be extremely important for the asset to start the Q2 trade on a bullish note.
In the larger time frame, Ethereum may encounter a bullish breakout from a symmetrical triangle and above $3000 resistance signalled a trend reversal then. However, the price maintained a similar trend ahead and test the upper resistance close to $3500 at the earliest. Here a significant upturned may be validated that may uplift the price above the crucial resistance of $3625. Hence a significant target of $3500 would be imminent to close the weekly trade.
Also Read: This is When Shiba INU(SHIB) Price May Hit $0.00003500 to Set Up a Huge Bullish Uptrend!
ETH/USDT Technical Analysis
Technical Indicators
| Technical Indicators | Short-Term | Long-Term |
| Relative Strength Index(RSI) | 28.71 | 64.47 |
| MACD | -19.57 | 145.92 |
| Average Directional Index(ADX) | 27.73 | 67.82 |
| Average True Value(ATR) | 28.59 | 136.39 |
Pivot Levels to Keep a Watch On!
- Moving Average (MA) – 50:- $2853.50
- Moving Average (MA) – 200:-$3487.75
Source: https://coinpedia.org/price-analysis/ethereum-eth-price-analysis-will-the-price-secure-4000-until-the-weekly-close/