Ethereum Price Prediction: ETH Looks For 33% Gains Above A Daily Close Of $3,000

Ethereum value edges increased with vital positive factors on Tuesday. The value opened decrease however the sustained shopping for stress pushed the value to check the vital $3,000 mark in two weeks.

• Ethereum value prints achieve for the second straight day.
• A decisive shut above the parallel channel will take a look at the $4,000 mark.
• Sturdy resistance positioned close to $3,200 on the each day chart.

Ethereum value consolidates inside rectangle formation

On the each day chart, the Ethereum value makes an attempt to check the coveted $3,200 mark. The value is consolidating contained in the parallel channel for the previous three months, with a decrease vary of $2,150 and an higher boundary capped at $3,200.

The value stays pressured beneath the 200-EMA (Exponential Transferring Common) at $3,195. Thus make $3,200 a vital degree to commerce. The volumes help each time the value bounces from the help degree.

Moreover, the value faces rejection at $3,200 on January 20 and February 10. A renewed shopping for stress will push the value towards $3,600.

An prolonged shopping for stress will convey the horizontal $4,000 into play.

On the flip aspect, a rejection close to the session’s excessive will revert again the value to the instant help positioned close to $2,700.

Technical Indicators:

RSI: The each day Relative Energy Index trades strongly above the typical line. The present studying at 60.

MACD: The Transferring Common Convergence Divergence holds above the central line with a bullish bias. An uptick within the indicator will strengthen the upside outlook.

OBV: The On Stability Quantity holds close to the one-month excessive suggesting bulls are dominating the value motion.

As of press time, ETH/USD is buying and selling at $3,009.65, up 4.10% for the day. The second-largest cryptocurrency by market cap stands at $16,990,216,123 as per the CoinMarketCap.