The dominant crypto Bitcoin is making a notable move since the early trading hours and hence the top 2nd crypto,Ethereum, is also intending to undergo a notable rally. Ethereum price after flipping from the crucial support at $3279 is gearing up to test the immediate upper resistance around $3400. Moreover the volume is also in favour of the bulls which inturn indicates the price to get a notable push in the next couple of hours.
The ETH price remained strongly above $3000 levels amid a couple of pullbacks showcasing a huge tendency to remain within a bullish trend. Currently, the asset has witnessed nearly 13% jump from its lows below $3000 and poised to surge another 4% to 5% to close the day’s trade on a bullish note. Yet the important hurdle to cross would be to cross the 200-day MA levels which reside at $3460 levels. Beyond which the asset may try to cross the $3500 levels to test the $3700 levels.
The continuation of the uptrend may end up ETH retesting the 200-day MA at $3460 levels. No doubt these levels are pretty crucial and would require a significant amount of buying pressure to surpass.Yet the strong resistance levels hovers around $3675 to $3862 which also can be seen as a notable supply zone which may be tested in the coming days.
However, the probabilities of a slight correction may hover at these ranges are pretty high and the plunge may not be massive as the asset could eventually surpass $4000 in the upcoming fortnight. On the contrary, if ETH falls prey to the bears, the asset from the current levels may fall back to $3100 levels or may even revisit the levels around $2900 before making the next move.