The recovery rally initiated on March 14th has pumped the ETH/USDT pair by 38.5% in around three weeks. Today(on April 1st), the Ether price is up by 5.5% and teases a bullish breakout from the $3430 resistance.
A candle closing above the overhead resistance will trigger another long opportunity with $3430 as the nearest target.
Key points:
- The ETH price forms a bullish engulfing candle at $3325 support
- The 50-and-100-days SMA is soon to give a bullish crossover.
- The intraday trading volume in Ether is $2.80 Billion, indicating a 98% gain.
Source- Tradingview
The asymmetrical triangle pattern breakout on march 18th accelerated the Ethereum(ETH) recovery rally. The post retest rally pumped the coin price by 21.1% as it breached some crucial resistance such as $3000, $3200, and 100-day EMA.
The bullish rally hit the $3400 resistance on March 28th, its highest since the second half of January However, after a minor pullback to $3250 immediate support, the ETH price rebounded with a long bullish candle and rechallenges the overhead resistance.
A bullish breakout from the $3430 would ascend the altcoin to $3628 resistance.
- Resistance level: $3400 and $3630
- Support levels: $3000 and $2773
Technical Indicator
The 200-day SMA stands along with the $3430 resistance providing an additional defense for short traders. Moreover, the 50-and-100-SMA lines are on the brink of bullish crossover.
The rising average directional movement index(22) slope climbed higher, indicating a bullish trending momentum.
On-chain metric-Global In/Out of the Money
Concerning the steady price recovery, the GIOM metrics show the number of ETH holders getting In The Money(83.92%) are rising, and similarly, the Out the Money(8.3%) holders are decreasing.
This indicates that the majority of coin holders are experiencing profit, and the possibility of them selling the coin is less, which bolsters the ongoing bullish rally.
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-analysis-eth-price-aims-for-another-5-6-gain-as-it-pokes-3430-resistance/