ETH Price Meets 200-day EMA Near $3,150; Time To Hold?

ETH price erased all the prior gains and retraced lower in the later trading session. ETH Bulls took the charge with the support of good volumes since Monday as a result ETH prices scaled up remarkably. An intraday move above $3,170 would be a Launchpad for a jump toward $3,600.

• ETH price trades with no meaningful price action on Wednesday.
• A decisive close above the 200-day EMA would see more gains toward $3,600.
• The downside risk remains intact below $3,000 on the daily charts.

ETH price struggles near the upside barrier

ETH price is brewing up the bullish momentum for a break above the critical 200-day exponential moving average (EMA) at $3,170 which has pressured the price for almost a week. ETH bulls are getting support from the above-average volume in the past three-day as can be seen on the daily chart.

Now, an acceptance above the mentioned upside hurdle could be considered as a key level triggering an upside breakout in the asset.

The first upside target could be found in the April 6 highs at $3,408 followed by the horizontal resistance level at $3,600.

On the contrary, a fall below the 50-day exponential moving average (EMA) could reject the bullish hypothesis in ETH. This could trigger profit-booking and the investors might wind up their short-term long positions. If that happens, it would be a setback for the buyers who are aspiring for a significant run-up from the current levels.

As of writing, ETH/USD exchange hands at $3,107.60, up 0.15% for the day, while the 24-hour trading volume of the second largest cryptocurrency holds at $15,080,443,022 as updated by the CoinMarketCap.

Technical Indicators:

RSI: The daily relative strength index oscillates near the average line with a bullish bias.

MACD: The moving average convergence divergence remains in the positive zone and advocates for an upside outlook.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.