ETH Price Retraced Toward 200-day EMA; Opportunity To Buy?

ETH price fell for the third session in a row. The price recovered from the lows and manages to trade above $3,300. Further, if the price holds above the critical 200-day EMA, it could be a hint for the next Bull Run.

• ETH price trades lower with modest losses.
• A retracement toward the 200-day EMA could be a stepping stone for the next run-up.
• The momentum oscillators turn neutral warning of aggressive bids.

As of press time, ETH/USD is trading at $3,341, down 1.92% for the day. The second-largest cryptocurrency is holding the 24-hour trading volume at $22,050,910,385 as per the CoinMarketCap.

ETH price trades downside

On the daily chart, the ETH price retraced from the swing highs of $3,581.60 made on April 3. Since then the price witnessed a descent of  9%. Currently, ETH trades near the critical resistance-turned-support level at around $3,300.

Now, a sustained bearish pressure will result in a pullback of the prices. Traders could find immediate support near the 200-day EMA (Exponential Moving Average) at $3,170.

The selling could intensify toward the horizontal support level at $3,000 if the price breaks the mentioned support level.

On the contrary, a spike in buy orders would reverse the prevailing trend in the asset. In that case, the ETH price keeps eye on the recent highs near $3,550.

An acceptance above $3,550 would set the ground for the next leg up in ETH.

Technical indicators:

RSI: The daily Relative Strength fell below the average line on April 4. Currently, it reads at 59. Any downtick in the indicator would strengthen the bearish outlook.

MACD: The Moving Average Convergence Divergence holds above the midline but with receding bullish momentum.

Trading volumes: The volume oscillator hovers toward the oversold zone.

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.