Ethereum price rally intensifies toward $3,000; bulls touch $2,800 for the first in history

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Ethereum has continually led the price action this week, especially in the top ten cryptocurrencies. The pioneer smart contract token hit support at $2,000 twice last week before bulls focused on gains toward $3,000. Support at $2,000 was particularly vital to the upswing, which saw Ethereum hit highs above $2,700 and later brushed shoulders at $2,800.

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eIntro

Ethereum relentless fight for $3,000

At the time of writing, Ethereum teeters at $2,750 as bulls concentrate on revisiting the hurdle at $2,800. However, sideways price action seems to be taking precedence based on the Relative Strength Index (RSI). The trend strength indicator levels 63 after the uptrend fizzled out before hitting the overbought.

This current situation is not bad for Ethereum bulls because it shows that the token is overbought. In other words, buyers still have ample room for growth. Therefore, holding above higher support, perhaps at $2,700, will ensure that bulls don’t lose focus from the near-term target at $2,800. Note that trading above this crucial level would trigger massive gains as investors stream in to take a piece of the likely breakout at $3,000.

ETH/USD four-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bearish impulse. This follows the MACD line crossing under the signal line. If the divergence expands in the upcoming sessions, overhead pressure will rise, forcing Ether to test the tentative support at $2,700. Other critical anchor zones to keep in mind include $2,600, the 100 Simple Moving Average (SMA), and the 200 SMA.

Etheruem intraday levels

Spot rate: $2,750

Trend: Sideways

Volatility: Low

Support: $2,700, $2,600 and $2,400

Resistance: $2,800

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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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