Ether’s eyes have risen to $3,500: see the forecast
Key receivers
ETH is trading above $3,100, up less than 1% in the last 24 hours.
If the bearish trend continues, the coin may rally towards the $3,500 psychological level.
ETH continues the range above $3k.
The cryptocurrency market has a positive start to the year, Bitcoin regained the $90k level. Ether is once again trading above $3k and XRP has regained its position as the fourth largest cryptocurrency by market cap.
However, while the three leading cryptocurrencies have been showing up over the past few hours, altcoins have recorded mixed performances. Bitcoin and Ethereum extend gains for the second consecutive day, above $92,000 and above $3,100, respectively, while XRP stabilizes near $2.00.
Technical indicators suggest that the bulls can regain control of the market and push Ether higher. However, when the weekly candlestick opens today, it will take a few hours before Ether's direction becomes clear to traders.
Ether's eyes $3,500 between the triangular design
The ETH/USD 4-hour chart is weak and bearish as Ether has lost 1.7% of its value over the past seven days. At press time, ETH is at $3,113, above the local support trend connecting the December 18th and 29th lows.
The momentum indicators suggest that the bulls are currently in control of the market. An RSI of 49 indicates fading bearish momentum. If the RSI crosses above neutral 50, the price of Ether is likely to rise in the near term.
The MACD lines are about to cross into the positive zone, which reinforces the bullish bias in the market.
If the bearish trend continues, Ether may surpass the December 10 high of $3,260 at the next major resistance around the psychological level of $3,500.
However, if the bearish trend continues, Ether could slip below the $3k level and test the support level at the December 18 low around $2,920.
