The cryptocurrency industry continues to display a significant fluctuation in valuation, indicating an increased price action in the market. Further, the leader of altcoins, Ethereum price has gained massive attention from the industry by adding approximately 3% within past hour.
With the Bitcoin Halving days away, the consolidated market sentiment indicates the rise in the number of Hodlers in the industry, highlighting a positive outlook for the crypto space during the upcoming months.
ETH Price Hints At A Bullish Price Action!
After trading in a closed range between $3,881 and $4,068 for over a week, the bulls lost momentum, and started trading under a bearish influence, resulting in the Ethereum price recording a correction of 22.59% within the next seven days.
After testing its low of $3,149, the bulls regained momentum and jumped 12.25% before facing rejection above the resistance level of $3,472. Since then, the Ethereum token has been trading in a consolidated range between $3,274 and $3,666, indicating a weak price action for the star altcoin in the crypto industry.
The Cross EMA 50/200-day displays a high possibility of a Golden Cross, indicating a strong bullish outlook for the altcoin during the coming time.
On the other hand, the MACD shows a constant green histogram, highlighting increased buying-over-selling pressure in the crypto industry. Moreover, the averages display a steady rise, suggesting the price will continue gaining value during this week.
Also Read : Top Reasons Why Ethereum Might Melt Faces Soon, Here Are the Potential Targets for ETH Price Rally
Will Ethereum Price Increase?
If the market holds the price above the support level of $3,472.75, the bulls will continue trading under a bullish sentiment and test its resistance level of $3,666.11 by the coming weekend. Moreover, if the bulls hold the price at that level, it will prepare to test its upper level of $3,881 during the upcoming week.
Negatively, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $3,274 this week. Furthermore, if the bears continue to dominate the market, it will continue bleeding and prepare to test its lower support level of $3,149.