The cryptocurrency market resumed its rally in the past few days, and more gains could be recorded in the coming hours
The cryptocurrency market continued its rally over the weekend, with Bitcoin breaking past the $50,000 mark for the first time since May. Several altcoins also recorded huge wins over the weekend as the slow recovery continues.
Ether has maintained its position above the $3,200 level over the past 24 hours. It is currently up by roughly 2% in the last few hours. Ether failed to break the major support level at $3,290 yesterday, leading it to fall to a low of $3,128.82.
However, Ether has since bounced back from the slight drop and is now trading above the $3,300 level. The second-largest cryptocurrency could be looking to record further gains over the next few hours. The current outlook on the cryptocurrency market is positive, with further upward movement expected soon.
ETH price outlook
The ETH/USD 4-hour chart is one of the most bullish amongst the leading cryptocurrencies. Ether was able to get the support it needed from the broader market and broke past the $3,300 level in the last few hours.
The rally now sees Ether targeting the first major resistance level at $3,361. At the moment, ETH is trading at $3,324 per coin, and it is likely only a matter of time before it surpasses the first major resistance level.
ETH/USD 4-hour chart. Source: TradingView
The MACD line shows that Ether is very bullish at the moment, while the RSI moving above 50 indicates that there are more buyers than sellers of the cryptocurrency. In the event of an extended market rally, Ether could surpass the $3,400 level and aim for the resistance level close to $3,450.
However, failure to maintain this current momentum could see Ether drop to the first support level at $3,271. Unless there is an extended period of market sell-off, ETH should defend the major support level at $3,155 and steer clear of the sub-$3,000 region.
The cryptocurrency market resumed its rally up to now few days, and extra features may very well be recorded within the coming hours
The cryptocurrency market continued its rally over the weekend, with Bitcoin breaking previous the $50,000 mark for the primary time since Could. A number of altcoins additionally recorded large wins over the weekend because the gradual restoration continues.
Ether has maintained its place above the $3,200 stage over the previous 24 hours. It’s at present up by roughly 2% in the previous couple of hours. Ether failed to interrupt the foremost assist stage at $3,290 yesterday, main it to fall to a low of $3,128.82.
Nonetheless, Ether has since bounced again from the slight drop and is now buying and selling above the $3,300 stage. The second-largest cryptocurrency may very well be seeking to file additional features over the subsequent few hours. The present outlook on the cryptocurrency market is constructive, with additional upward motion anticipated quickly.
ETH worth outlook
The ETH/USD 4-hour chart is among the most bullish amongst the main cryptocurrencies. Ether was in a position to get the assist it wanted from the broader market and broke previous the $3,300 stage in the previous couple of hours.
The rally now sees Ether concentrating on the primary main resistance stage at $3,361. In the intervening time, ETH is buying and selling at $3,324 per coin, and it’s possible solely a matter of time earlier than it surpasses the primary main resistance stage.
ETH/USD 4-hour chart. Supply: TradingView
The MACD line reveals that Ether may be very bullish in the mean time, whereas the RSI shifting above 50 signifies that there are extra consumers than sellers of the cryptocurrency. Within the occasion of an prolonged market rally, Ether might surpass the $3,400 stage and goal for the resistance stage near $3,450.
Nonetheless, failure to take care of this present momentum might see Ether drop to the primary assist stage at $3,271. Except there’s an prolonged interval of market sell-off, ETH ought to defend the foremost assist stage at $3,155 and keep away from the sub-$3,000 area.
