Ethereum worth edges greater with vital positive factors on Tuesday. The worth opened decrease however the sustained shopping for stress pushed the value to check the important $3,000 mark in two weeks.
- Ethereum worth prints achieve for the second straight day.
- A decisive shut above the parallel channel will check the $4,000 mark.
- Robust resistance positioned close to $3,200 on the every day chart.
Ethereum worth consolidates inside rectangle formation
On the every day chart, the Ethereum worth makes an attempt to check the coveted $3,200 mark. The worth is consolidating contained in the parallel channel for the previous three months, with a decrease vary of $2,150 and an higher boundary capped at $3,200.
The worth stays pressured beneath the 200-EMA (Exponential Transferring Common) at $3,195. Thus make $3,200 a vital degree to commerce. The volumes assist each time the value bounces from the assist degree.
Moreover, the value faces rejection at $3,200 on January 20 and February 10. A renewed shopping for stress will push the value towards $3,600.
An prolonged shopping for stress will carry the horizontal $4,000 into play.
On the flip facet, a rejection close to the session’s excessive will revert again the value to the rapid assist positioned close to $2,700.
Technical Indicators:
RSI: The every day Relative Energy Index trades strongly above the common line. The present studying at 60.
MACD: The Transferring Common Convergence Divergence holds above the central line with a bullish bias. An uptick within the indicator will strengthen the upside outlook.
OBV: The On Stability Quantity holds close to the one-month excessive suggesting bulls are dominating the value motion.
As of press time, ETH/USD is buying and selling at $3,009.65, up 4.10% for the day. The second-largest cryptocurrency by market cap stands at $16,990,216,123 as per the CoinMarketCap.
