Ethereum has been keen on joining the ongoing bull cycle. Initially, it was an uphill task to reclaim the ground above $2,000, but bulls never lost focus. Support at $2,200 confirmed the market stability, allowing buyers to glance at higher price levels. Meanwhile, ETH dodders at $2,320 amid the roll to another new record high.
Ethereum gains ground as $3,000 beckons
At the time of writing, the least resistance path is upward, as reinforced by the Moving Average Convergence Divergence (MACD). This indicator is nether exclusively bullish or bearish biased. However, it identifies positions where traders can buy the dip or sell the top. Moreover, the MACD foresees the asset’s general trend and measures the momentum.
ETH/USD four-hour chart
A MACD line (blue) crossing above the signal line implies that traders should be buying more or holding in anticipation of growth. On the other hand, crossing underneath the signal line hints at the trend flipping bearish.
In the meantime, the MACD emphasizes that Ethereum is comfortably in the bulls’ hands. As the divergence from the signal line expands, the bullish momentum strengthens. Note that crossing above the $2,500 would be a significant milestone for Ethereum and may trigger massive buy orders toward $3,000.
Ethereum intraday levels
Spot rate: $2,333
Trend: Bullish
Volatility: Expanding
Support: $2,200 and $2,100 and $1,900
Resistance: Undetermined
