Ethereum price gained remarkable gains over the past two weeks. The price found stable support near $2,500 as it continued its uptrend from the level. However, the upside faces resistance near the descending trend line from the record highs of $4,867.81.
- Ethereum price consolidates with modest gains on Saturday.
- A weekly close above $3,284.75 will set the path for $4,000.
- ETH price gains 12% on weekly basis.
As of writing, ETH/USD trades at $3,118.22, up 0.46% for the day. The second-largest cryptocurrency by the market cap stands at $9,276,333,183 according to the CoinMarketCap.
ETH looks for upside continuation
On the weekly chart, the ETH price makes reliable support around the $2,150 level, which also forms a ‘double’ bottom formation. At first, the price tested the levels in July and tag the record levels at $,4867.81 in November. ETH price surged more than 100% during that period.
Currently, the price is hovering in a short-term trading range of $2,500 and $3,200 on the weekly time frame. A green candlestick for the third consecutive week will establish a setup for another leg up in the asset.
The first upside hurdle for the bulls is placed at $3,391.40. A weekly close above the mentioned level in combination with the break above the bearish line will bring the psychological $4,000 level into play.
The bearish slopping line, which is extending from the highs of $4,867.81 acts as a strong resistance barrier for the bulls. Thus making a crucial level to trade.
On the other hand, a weekly close below $2,800 will invalidate the bullish outlook for the asset.
Technical indicators:
RSI: The weekly Relative Strength Index rose above the average line on March 14 for the first time since July 2021.
MACD: The Moving Average Convergence Divergence attempted to move above the midline with a receding bearish momentum.
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-bullish-rsi-set-eyes-on-4000-on-weekly-chart/