Ethereum Price Analysis: ETH pivotal at $2,500 but is $3,000 achievable?
- Ethereum brushes shoulders with $2,500 but loses momentum.
- Support at $2,400 remains key to the uptrend, while gains above $2,600 could bolster Ether past $3,000.
- The MACD reinforces the bullish outlook, suggesting that the uptrend is intact.
Ethereum tested support at $2,000 during the broad-based declines in the cryptocurrency market last week. Support at the 200 Simple Moving Average (SMA) on the four-hour chart and $2,200 played a crucial role in ensuring that the recovery is steady.
On Monday, bulls increased the grip on the price by breaking above the 50 SMA and 100 SMA. As the technical levels improved, Ether closed the gap heading to $2,500. A brief break above this level saw bulls shift their attention toward the recent record high of $2,600.
However, selling pressure is becoming apparent as resistance at $2,500 remains unshaken. ETH trades marginally under $2,500 amid the intense tug of war.
The Relative Strength Index (RSI) shows that bears could emerge stronger, sabotaging the breakout toward $2,600 and $3,000, respectively. A bearish divergence from the price seems to reinforce the bearish outlook. Unless the RSI break above the trend line and enters the overbought region, overhead pressure will rise in the near term.
Moreover, a real break past $2,500 would allow bulls to focus on gaining ground past $2,600. Trading above this level would also trigger massive buy orders as the uptrend builds toward $3,000.
ETH/USD four-hour chart
It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bullish impulse. The MACD line increases the divergence from the signal line while the indicator holds within the positive region. If this technical outlook holds, Ethereum will settle above $2,500, setting the framework for gains eyeing $3,000.
Ethereum intraday levels
Spot rate: $2,502
Trend: pivotal at $2,500
Support: $2,400, $2,200 and $2,000
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