- Ethereum buyers were successful in breaking a three-week accumulation pit in yesterday’s trading session
- The press time price of ETH/USDT is $3360 established on the back of a 2.14% increase in the past 24 hours
- A retest of the $3350 pivot point will suggest that the upside potential is still in the cards
Ethereum price clears major obstacle
This week, Ethereum buyers were successful in breaking above the controversial resistance of $3350. This marks the beginning of an impulsive rally that could lead to the price challenging its ATH of $4170.
The largest altcoin has once again laid the ground for a 20% upswing as the price continues to stare at the two critical resistance zones which lie at $3545 and $3870 respectively. The critical barrier of $3350 was also bolstered by 0.618 FIB, thus leading to the clearance of a multi-week resistance zone.
Keeping in mind that the sellers will attempt to squeeze the price back to the old roots, the uptrend will remain safeguarded by the support cushion of $3050. For today’s trading session, a re-test of the $3350 level would suggest that the buyers are in good hands.
Followed by a breakout and a re-test, the Daily MACD has flashed a buy signal. As evidenced by an impending bullish crossover between the MACD and the Signal line, ETH token price has set the perfect opportunity for bulls to enter in for long positions.
ETH Token Price chart on the 4-hour time frame
Tracking Ethereun’s price on a smaller time frame gives us a better perspective as to what the current price action is doing. As shown on the chart, the price is currently retesting the multi-week resistance trend line.
The formation of a bull flag is a very clear indication that the buyers are hovering in the right direction. For the day ahead, a decisive close above the resistance trend line would lead to ETH Token price pacing itself for the rally to $4000.
SUPPORT : $3350
RESISTANCE : $3545