In recent days, the cryptocurrency market rally has resumed, and further gains may be recorded in the coming hours.
The crypto market continued its upward movement over the weekend, with Bitcoin breaking above the $50,000 mark for the first time since May. Several altcoins also posted significant gains as the gradual recovery persists.
Ether has remained above the $3,200 level over the past 24 hours, currently up around 2%. Yesterday, Ether failed to hold the key support zone at $3,290 and dipped to a low of $3,128.82.
However, Ether recovered from that slight decline and is now trading above $3,300. The second-largest cryptocurrency by market capitalization could see further upside in the coming hours. Market outlooks for cryptocurrencies are broadly positive, and additional upward moves are expected shortly.
ETH Price Outlook
The 4-hour chart for ETH/USD is one of the more bullish among major cryptocurrencies. Ether has received necessary support from the broader market and in recent hours climbed above the $3,300 level.
Ether is now targeting the first major resistance level at $3,361. Currently trading around $3,324, it appears to be only a matter of time before it challenges that first key resistance.
4-hour chart of ETH/USD. Source: TradingView
The MACD line indicates a strong bullish bias for Ether right now, while the RSI trading above 50 suggests more buyers than sellers. If the market continues to extend its rally, Ether could clear the $3,400 level and aim for resistance near $3,450.
On the other hand, if Ether fails to sustain the current momentum, it could pull back to the first support level at $3,271. Unless a prolonged sell-off occurs, ETH should defend the main support around $3,155 and avoid slipping into the sub-$3,000 zone.