HomeContributorsTechnical AnalysisETHUSD Ticks Upwards But its Rangebound Pattern Holds

ETHUSD Ticks Upwards But its Rangebound Pattern Holds

ETHUSD (Ethereum) has been moving sideways since the beginning of 2022, when its downside trajectory halted. However, the technical picture seems to be improving for the cryptocurrency, with the ascending 50-day simple moving average (SMA) endorsing a bullish near-term bias.

The momentum indicators suggest that bullish forces have gained the upper hand. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD histogram is currently beyond zero and its red signal line.

Should buying interest intensify further, the recent high of 3,050 could be the initial point of resistance for the cryptocurrency. Piercing through this level, the price may ascend towards the February high of 3,290 before the spotlight turns to the September peak of 4,040. Conquering these barricades, the bulls could then target the crucial 4,500 barrier.

On the flipside, if sellers manage to retake control, the price might encounter resistance at the recent low of 2,815, which overlaps with the 50-day SMA. Should that floor collapse, the price could test the 2,500 obstacle. Failing to halt there, the January low of 2,160 may appear on the radar.

Overall, despite being stuck in a tight range, ETHUSD seems ready to march higher as broader near-term risks are tilted to the upside. For that scenario to materialize, the price needs to initially jump above the 3,290 ceiling.

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