Ethereum price edges higher for the third straight day. However, the gains consolidate in a very tight range of $2,920 and $3,046.99. The price tested the multi-week high near $3,045.
- Ethereum price locks in gains as bullish momentum continues.
- Expect more gains toward $3,600 if decisively close above 200-day EMA.
- ETH trades along the ascending trend line from the lows of $2,300.
As of publication time, ETH/USD trades at $3,013.85, up 1.50% for the day. The second-largest cryptocurrency by market cap holds at $14,867,289,973 according to the CoinMarketCap.
Ethereum looks for further gains
On the daily chart, Ethereum price prints impressive gains in the past few days. The price tested $3,000 for the first time. in the past three-week.To continue with gains ETH must close above the critical 200-EMA (Exponential Moving Average) at$3,144.52.
On moving upside, the first upside hurdle will appear at $3,600. Investors would next target the psychological $4,000 level.
On the flip side, a fall below the 50-day SMA will negate the bullish theory in the price. Ethereum price will look out for the support near $2,600.
Technical indicator:
RSI: The daily Relative Strength Index holds above the average line since March 15 strengthening the upside momentum in the price. Currently, it reads at 58.
MACD: The Moving Average Convergence Divergence hovers above the midline with a bullish bias.
Trading Volume: The volumes show a positive trend in accordance with the rise in price.
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/etheruem-price-prediction-eth-price-prepares-for-30-gains-above-200-day-ema/