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- 1 The price action of the ETH crypto has been closely following the upward wedge.
- 2 The Ethereum crypto price turned around from a critical level.
The Ethereum crypto asset is showing bullish traits and can achieve more growth in the upcoming sessions. It has demonstrated good performance in the past week, month, and three months 6.54%, 4.21%, and 14.61% respectively, indicating a reliable and steady upward trend.
Moreover, the price action of the ETH crypto has been in a sensational up move and has been closely following the upward wedge. The major uptrend surged from the demand zone at $1515 and made a high of $2715, where it met the supply region and found support at $2241. From $2241, it has been on the rise.
At the time of publishing, the ETH crypto had experienced a surge of 0.13% in the last 24 hours, trading at $2428.54. The ETH crypto is poised for a spectacular rally as it prepares to smash the resistance level and soar to new heights from the current support zone. Furthermore, the ETH crypto asset is showing bullish strength and rising potential as it stays above major 50, and 200-Day EMAs.
The asset is in a strong uptrend above the zero line, as the MACD is in a bullish state and showing a bullish cross. MACD line is at 3.16, signal line at -10.76, and histogram is growing which is at 13.92.
The RSI shows no signs of overbought conditions, suggesting that the ETH asset has more space to grow. Besides, RSI is at 58 and taking support on the 14-SMA, which is at 48.
Therefore, if the demand for Ethereum stays high, the asset price could continue to surge from the current level. The next goal for the price could be to reach $2715 to test the supply region and in the meantime, the in-between primary resistance would be $2505.
However, if the ETH crypto price fails to stay above the $2241 level, it could decline further and could even break out of the wedge.
Summary
The major uptrend surged from the demand zone at $1515 and made a high of $2715, where it met the supply region and got support at $2241. Furthermore, the ETH crypto asset is showing bullish strength and rising potential as it stays above the 50 and 200-Day EMAs.
Therefore, if the demand for Ethereum continues to peak, the asset price could continue surging from the current level and boost. The next goal for the price is to reach $2715 and test the supply region while the primary resistance would be $2505.
Technical Levels
Support Levels: $2241
Resistance Levels: $2505
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
