Key Takeaways
- ETH is trading above $3,100, representing a gain of less than 1% over the past 24 hours.
- If the bullish trend resumes, the coin could move toward the psychological $3,500 level.
ETH Remains Above $3k
The cryptocurrency market started the year on a positive note, with Bitcoin reclaiming the $90,000 area. Ether is trading back above $3,000, while XRP has regained its position as the fourth-largest cryptocurrency by market capitalization.
Over the past several hours the top three cryptocurrencies have shown mixed results, and altcoins have produced varied performance. Bitcoin and Ethereum are rising for the second consecutive session, surpassing roughly $92,000 and $3,100 respectively, while XRP is holding near $2.00.
Technical indicators suggest bulls could retake control and push Ether higher. However, with the weekly candle just opening today, traders will need to wait a few hours before the direction for Ether becomes clearer.
Ether Eyes $3,500 from Inside a Triangle
The ETH/USD 4-hour chart shows a bearish bias over the last week, as Ether has lost about 1.7% of its value in the past seven days. At the time of writing ETH sits at $3,113, above a local trendline support that connects the lows of December 18 and December 29.
Momentum indicators point to bulls currently controlling the market. The RSI at 49 indicates weakening bearish momentum. If the RSI breaks above the neutral 50 level, Ether’s price could climb in the short term.
MACD lines are also close to crossing into positive territory, reinforcing a bullish market outlook.
If the uptrend resumes, Ether could break the December 10 peak near $3,260, with the next major resistance around the psychological $3,500 level.
Conversely, if downward pressure persists, Ether could slip below $3,000 and test support near the December 18 low at approximately $2,920.