In the past three trading sessions, Ethereum (ETH) has seen a steady rise in bullish momentum, with ETHUSD testing the recent swing high at $3520. Today, the market broke above this key resistance level, experiencing a brief retracement lasting approximately six trading hours before resuming its upward trajectory.
Market sentiment remains positive as ETHUSD is currently trading above the value area of the volume profile, indicating a bullish trend. Key support is identified at $3355, representing the lower end of the value area and a crucial level to monitor for further price action.
Both the Exponential Moving Averages (EMAs) are aligned in the same direction, with the EMA 50 showing no signs of converging towards the EMA 200. The widening gap between the EMAs suggests robust bullish momentum, supporting the likelihood of ETHUSD continuing its ascent towards the $3655 mark, which corresponds to the 161.8% Fibonacci extension of the recent bullish pullback.
Furthermore, oscillator indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) also signal a bullish trend. The MACD signal line and histogram remain above the zero line, while the RSI has consistently maintained its position between 40% and 70% over the past two trading days.
In summary, Ethereum (ETH) demonstrates strong bullish momentum, with indications pointing towards a continuation of the uptrend towards the 161.8% Fibonacci extension level. Traders should monitor key support and resistance levels for potential entry and exit points amid the ongoing bullish market sentiment.
- Ethereum (ETH) has seen a steady rise in bullish momentum, testing the recent swing high at $3520.
- Market sentiment remains positive as ETHUSD is trading above the value area of the volume profile, with key support at $3355.
- Both EMAs are aligned upwards, indicating strong bullish momentum, with the potential for ETHUSD to reach the $3655 mark.
- Oscillator indicators such as MACD and RSI signal a bullish trend, supporting the continuation of the uptrend.
- Traders should monitor key support and resistance levels for potential entry and exit points amid the ongoing bullish market sentiment.
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