Key takeaways
- ETH is trading above $3,100, up less than 1% in the past 24 hours.
- The coin could climb toward the $3,500 psychological level if the uptrend continues.
ETH remains above $3,000
The cryptocurrency markets have started the year on a positive note as Bitcoin recaptured the $90,000 level. Ether is trading again above $3,000 while XRP has reclaimed its position as the fourth-largest cryptocurrency by market capitalization.
Over the past hours the top three cryptocurrencies have shown mixed movement, and altcoins have produced varied performances. Bitcoin and Ethereum extended gains for a second consecutive day, moving above $92,000 and $3,100 respectively, while XRP stabilized near $2.00.
Technical indicators suggest bulls could take control and push Ether higher. However, with the weekly candle opening today, traders will need a few hours to confirm the prevailing direction for Ether.
Ether targets $3,500 amid rising triangle
The ETH/USD four-hour chart shows a corrective pullback, with Ether down about 1.7% over the last seven days. At the time of writing ETH trades around $3,113, just above a local support trendline connecting the December 18 and December 29 lows.
Momentum indicators point to bulls holding the edge. The RSI sits near 49, indicating fading bearish momentum. If the RSI breaks above the neutral 50 level, Ether’s price could see short-term upside.
MACD lines are also close to moving into positive territory, reinforcing the bullish outlook.
If the uptrend continues, Ether could break above the December 10 peak at $3,260, with the next significant resistance near the $3,500 psychological level.
Conversely, if selling pressure resumes, Ether could fall below $3,000 and test support around the December 18 low near $2,920.