Cryptocurrency

Ethereum (ETH) Is Trending, with the Bulls Eyeing a Return to $3,500

Key Insights:

  • Ethereum (ETH) wrapped up Saturday at $3,100 for the second time since mid-February.
  • On CoinMarketCap, Ethereum was a prime 10 trending coin this morning, with $3,500 the subsequent goal.
  • Technical indicators are flashing inexperienced, with ETH sitting effectively above the 50-day EMA.

It was a bullish day for ETH on Saturday, with ETH becoming a member of the prime ten crypto majors in constructive territory.

Reversing a 0.29% loss from Friday, ETH gained 1.35% on Saturday to finish the day at $3,146.

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Regardless of the bullish session, ETH left the Main Resistance Ranges untested. ETH fell wanting the First Main Resistance Stage at $3,172, with a day excessive of $3,154.

Market Sentiment Drives ETH Again to $3,100

Broader crypto market sentiment delivered assist on Saturday. Following this week’s information of Three Arrows Capital staking 36,401 ETH into Lido’s liquidity pool, ETH is trending.

ETH Value Motion

At the time of writing, ETH was up by 0.31% to $3,156. A bullish begin to the day noticed ETH strike an early excessive of $3,170 earlier than easing again. ETH examined First Main Resistance Stage at $3,171 early on.

A transfer by means of February’s excessive $3,283 would deliver $3,500 into play.

Technical Indicators

ETH will want to keep away from the day’s $3,129 pivot to make one other run on the First Main Resistance Stage at $3,071. ETH would want the broader crypto market to assist one other breakthrough to $3,170 ranges.

An prolonged rally would check the Second Main Resistance Stage at $3,196 and resistance at $3,200. The Third Main Resistance Stage sits at $3,263.

A fall by means of the pivot would check the First Main Assist Stage at $3,104. Barring an prolonged sell-off, ETH ought to keep away from a return to sub-$3,000. The Second Main Assist Stage at $3,062 ought to restrict the draw back.

Avoiding the day’s pivot would assist a run at $3,200.

Taking a look at the EMAs and the 4-hourly candlestick chart (above), it’s a bullish sign. ETH continues to maintain above the 50-day EMA at present at $3,007. This morning, the 50-day EMA pulled away from the 100-day EMA, delivering worth assist. The 100-day EMA additionally pulled away from the 200-day EMA, bringing the Main Resistance Ranges into play.

Avoiding the 50-day EMA would deliver $3,500 ranges into play.

Holding above the 50-day EMA brings $3,500 into play.

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