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Ethereum’s trading this week has appreciably yielded for the bulls. Support at $2,400 was defended at all cost during the weekend session; hence buyers channeled all efforts toward resuming the uptrend. The break above $2,500 on Monday bolstered Ether past $2,600. However, the pioneer token seems to be struggling with another hurdle at $2,650.
At the time of writing, Ethereum trades at $2,587 while bulls fight the uphill battle to clear the path to $3,000.
Is Ethereum’s short-term outlook strong enough for the uptrend?
The four-hour Moving Average Convergence Divergence (MACD) has a bullish impulse. This follows recovery from the negative region into the positive area. Note that the MACD follows the asset’s trend and measures its momentum.
Traders use the MACD to identify positions to sell the top or buy the bottom. Signals from the indicator compel investors to make certain decisions. For instance, when the MACD line crosses above the signal line, it is a call to buy. On the other hand, crossing below the signal line is a call to sell.
At the moment, Ether seems to be in a buy zone, especially with the MACD line expanding the divergence above the signal line. In addition, the indicator has moved above the zero line into the positive region. This massive bullish signal could call more investors into the market as they speculate the ultimate rise past $3,000.
ETH/USD four-hour chart
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ETH/USD price chart by Tradingview
The immediate downside is protected by the 100 Simple Moving Average (SMA) on the same four-hour chart. If this support remains robust and unbroken, ETH’s least resistance path would be upward.
It is worth keeping in mind that the most crucial hurdle lies at $2,650. If broken, Ether will start the journey to $3,000, but if it stays intact, overhead pressure will mount as Ethereum drops to retest the anchor at $2,400.
Ethereum intraday levels
Spot rate: $2,587
Trend: Bullish
Volatility: Growing
Resistance: $2,650
Support: $2,400
The post Ethereum Price Forecast: ETH prepares for the ultimate swing past $3,000 appeared first on Coingape.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.