Ethereum (ETH) Bulls Overpower Crucial Hurdles, Ready for $3,200 Revisit

  • ETH had its price climbing past 50-day Simple Moving Average at $2,853, suggesting increased buying pressure.
  • Success in retesting the 50-day Simple Moving Average will authorize a breakout, targeting $3,200.
  • A 12Hr candle close beneath $2,558 will form lower lows and cancel ETH’s bullish thesis.

Ethereum (ETH) has its price movements stuck between two massive barriers since 24 January. However, the latest upside move allowed Ethereum to overcome a critical resistance obstacle, highlighting bulls’ commitment to climb higher.

ETH to Revisit Crucial Barriers

Ethereum price created a supply area, stretching between $3,188 and $3,393 on 15 January before losing 36% to hit the weekly support floor near $2,324. A rebound from this footing saw Ethereum on a full-blow recovery, retesting the supply region. However, inadequate momentum led to rejections.

Ethereum makes another trial to revisit the hurdle at $3,200 after hitting the weekly support zone at $2,423 for another time. So far, the alternative coin sliced past the 50-day SMA at $2,853. Moreover, RTH retests this level at the momentum, signaling a successful Ethereum breakout.

A rebound from the area seems possible, and market players may see the anticipated rally retesting the supply region’s lower limit around $3,188. Massive bullishness might see Ethereum climbing to the upper limit near $3,393, the level roughly matching the 100-day Simple Moving Average.

Though things look up for ETH price, breaching the 50-day Simple Moving Average means increased sell-side momentum. Such development needs recovery and a higher low to keep ETH’s optimistic outlook.

Buyers’ failure here might result in a 12-hour candlestick close beneath $2,567. Such price actions will form a lower low, canceling Ethereum’s bullish thesis.

ETH Dips Limited?

Ethereum failing to trigger a significant move past $2,950 might lead to extended declines. The leading alt will discover an initial support floor at $2,880 and 100-hr SMA.

The following support stands at $2,840, beneath which ETH will hit the support at $2,800. The level stands near 50% Fibonacci retracement of the latest move between $2,560 lows and $3,042. Updates from the Ukraine-Russia conflict remain crucial in upcoming crypto prices.

Stay tuned for more updates.