- Ethereum price holds onto crucial technical support as the recovery gains ground.
- The transaction history on-chain model reveals Ethereum price robust support $2,000.
Ethereum price has in the last few days fought for higher support, preferably above $2,000. A correction under $2,100 sent jitters across the market on Thursday, as investors dreaded a potential downswing below $2,000 and toward $1,700 (last week’s support).
In the meantime, Ethereum price seems to have bounced off the immediate support and crossed the barrier at $2,100. For now, the course seems clear for traders wishing to buy cryptocurrency and make the most of the impending uptick.
ETH Price Uptick Toward $2,550 Gaining Traction
The four-hour chart brings a massive bullish look into the picture, providing a sneak peek at what could a bullish weekend session. With support at $2,100 back with the bulls, the focus is directed toward gaining ground to $2,500.
Nonetheless, several conditions will have to be met before the price stretches the bullish leg to the target. For instance, the Moving Average Convergence Divergence (MACD) indicator must sustain the recently presented bullish signal.
As MACD follows the price trend, it also calculates the momentum. A 12-day Exponential Moving Average (EMA) crossing above 26-day EMA compels traders to buy into the asset. As for Ethereum, the MACD imminent cross above the mean line (0.00) would cement the bulls’ presence in the market.
Ethereum 12-Hour Chart Gives Bulls A Greenlight
On the upside, the ongoing uptrend must make a 12-hour-close above $2,150 close to the 50 Simple Moving Average (SMA) to ascertain the bullish narrative. Besides, trading above this zone shifts Ethereum bulls’ attention from defense to launching an assault on the barriers toward $2,550.
Ethereum price IOMAP highlighting robust support
According to IntoTheBlock’s In/Out of the Money Around Price (MACD), Ethereum currently enjoys massive support between $1,950 to $2,010. Roughly 710,000 addresses profit approximately 7.5 million ETH previously purchased in the range. If this support remains intact, Ethereum slightest resistance path will maintain an upward trajectory in the short term.
On the other hand, the on-chain model reveals that Ethereum is unlikely to meet a barrier strong enough to delay the uptrend. However, bulls must sustain the momentum to crack the minor hurdle between $2,137 and $2,198 to ensure that the rest of the journey to $2,550 continues smoothly.
It is worth noting that a death cross pattern on Ethereum chart could hamper the uptrend from gaining traction. This pattern comes into the picture when a short-term moving average crosses below its longer-term moving average sending a crypto trading signal. For instance, the 100 SMA is crossing under the 200 SMA; a move suggests that the price will consolidate below Ethereum price target of $2,550.
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John Isige
