Ethereum Holds Strong Support, Poised for Potential Rally Toward $3,750
Cryptorphic presented a technical analysis for Ethereum (ETH) in two-day time perspective. Ethereum is at the moment trading within a very important area of support of $2,184-$2,348. This range has been quite sturdy as ETH recently reclaimed it after a significant market pull back a few weeks ago.
Ethereum is presently at $2,559 and the analyst stated that ETH is close to testing the 35-day EMA resistance which is a very important level. If ETH manages to close above this level it can signal further towards an upward movement and test the higher resistance level of $3,750.
RSI Signals Bullish Shift for Ethereum
The technical factors also provide fair signals that reflect the dashs potentials. The Relative Strength Index (RSI) a leading momentum indicator has pulled back from the oversold level which is an indication that the bulls are gaining strength. Such an outcome is considered as the primary condition for a faster price increase, which makes traders have a hope that ETH can jump over the resistance levels.
The critical zones to look at are the support area between $2,184 and $2,348 as it has been preserving the ETHs downside lately. On the bullish side, the key area of interest is at $2,930, while the secondary projected target is $3,750.
This approach concludes that ETH is at a strategic crossroads which has the potential to be capitalized upon. Closing at or above the 35 EMA might cause a huge boost in the price while a failure at the same could lead to further ranging within the two boundaries. There is a suggestion for traders to observe this levels carefully since they define Ethereums trend in the short-term.
The crypto community is closely observing these instances as Ethereum growth affects overall market to a significant extent. As bullish pressure continues to emerge and crucial technical levels approach, the next few days could prove decisive for ETH price.
Traders are always advised to DYOR and be wary since trading in the cryptocurrency remains highly unpredictable despite the predictions made. However, technical analysis shows that the technical factors are in sync, suggesting that it is preparing for a big move, making it an important time for Ethereum.
Read more: https://www.tronweekly.com/ethereum-holds-strong-support-poised-for/
Text source: TronWeekly
