Ethereum Price Analysis: This is Where ETH Likely Heading After the $3000 Breakout

The market was bullish in the second half of March, particularly Ethereum’s, with just two daily red candles. ETH surged 25% after breaking above $2500.

The bulls’ remarkable achievement of crossing the psychological resistance at $3,000 was a significant one. It marked a substantial recovery of around 50% of the downtrend from the all-time high. What’s next?

The Daily Chart

Technical Analysis by Grizzly

ETH has been struggling to maintain a descending line (marked with blue) on its daily chart since crossing the $3K mark. This line interacted with the price for the past 300 days and was extremely active.

This resistance intersects the horizontal resistance at 3300. Crossing this area along with the formation of higher highs can technically be considered the end of the downtrend in short-term.

The RSI 30 day has moved beyond the baseline and into the bullish zone in the past week. It is also struggling with the downward trendline (marked in red) which was tested once on March 24, and is currently being retested. (Yellow circle).

The next resistances will be at $3600 or $4100 if the price crosses above $3300. If the bears are able to defend this area, then the support at $3000 or $2800 will be the first areas where price can find solid support.

Moving Average Exponential levels

EMA20: $2790 EMA50: $2830 EMA100: $3061 EMA200: $3488

The 4-Hour Chart

ETH formed an Adam and Eve pattern, marked by yellow, during the 4-hour period. This is classic bullish.

This pattern’s baseline is located at the horizontal resistance of $3300. It is also mentioned in the analysis. The OBV indicator is below (marked in red) the horizontal resistance at $3300. Crossing above it will likely coincide with the price breaking above the resistance at $3300.

If Adam and Eve are completed, targets above $4,000 will be reasonable.

On-Chain: Spent Output Profit Ratio – 30 Days MA

The Spent Output Profit Ratio is calculated by taking the realized value (in USD), and dividing it by the value at creation(USD) of a wasted output. Simply put, price sold divided price paid.

This metric indicates that market participants are making profit by spending their coins when it is higher than 1. The chart shows that when this indicator crosses the baseline (or 1,) the price is capable of reaching higher levels, which indicates that the risk-free purchase has been made.

It hasn’t happened yet. However, one can expect it to happen with the price breaking the resistance at $3300.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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