Ethereum price continues to trade higher for the fifth straight day. The price revisited a one-month high near $3,200. The current price action set the road map for further upside momentum.
- Ethereum price trades higher with significant gains on Friday.
- Expect more gains above the 200-EMA at $3,200 toward $4,000.
- The volume shows signs of strength as the price rise.
Ethereum price looks north
On the daily chart, the Ethereum price trades near the critical 200-EMA (Exponential Moving Average) at $3,144.97. Furthermore, the descending trend line from the high of $4,759.00 acts as a strong resistance barrier for the bulls. However, the price surged 45% from the lows of January 24 at $2,159.0.
A daily close above the bearish slopping line amid sustained buying pressure will push the price toward the horizontal resistance level at $3,600.
Next, the market participant will keep their eyes on the psychological $4,000 level.
On the contrary, a fall below the session’s low will invalidate the bullish outlook. The first downside target is placed at the $2,800 horizontal level. Further, an extended sell-off will bring $2,500 into play.
As of publication time, ETH/USD reads at $3,179, up 2.16% for the day. The second-largest cryptocurrency by the market cap holds at $18,271,179,118 as per the CoinMarketCap.
RSI: The daily Relative Strength Index moves beyond the average line on March 14. It currently reads at 65.
MACD: The Moving Average Convergence Divergence holds above the midline with a bullish bias.
Trading volume: The On Balance Volume indicator trades higher from the oversold zone.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.