Ethereum climbed higher early today, testing resistance areas after Saturday’s surge. Keeping the day’s pivot away would back another ETH breakout.
- Ethereum ended Saturday around $3,100.
- Ethereum was among the top ten trending cryptos on Coinmarketcap this morning, eyeing the $3,500 mark.
- Technical indicators flash green as Ether sits well beyond the 50-day Exponential Moving Average.
Ethereum rode bullish waves on Saturday, with the leading alt joining the positive territory. Ethereum surged 1.35% to reverse the 0.29% Friday loss, ending yesterday at $3,146. However, Ethereum did not test its crucial resistance zones. The altcoin’s $3,154 day high could not challenge the initial resistance zone at $3,172.
Ethereum Climbs to $3,100 amid Improved Market Sentiment
The leading altcoin secured support from broad market sentiment on Saturday. Ethereum trended following the news about the 36,401 ETH staking by Three Arrows Capital into the Lido liquidity pool.
Ethereum Price Action
While writing this blog post, ETH traded around $3.156 after a 0.31% overnight gain. Bullish actions early on Sunday had the crypto striking an early peak of $3,170 before correction. Meanwhile, Ether tested the first crucial resistance of $3,171 earlier.
Ethereum should avoid the day’s pivot of $3,129 for another upsurge towards the initial resistance zone at $3,071. The crypto would require broad crypto market sentiment to move past the $3,170 mark.
Extended surges would see Ethereum testing the 2nd massive resistance area at $3,196 before exploring the $3,200 value area. Ethereum’s 3rd resistance zone stands around $3,263.
A decline from the day’s pivot would see Ethereum testing the first critical support zone at $3,104. The alt should prevent a return towards sub-$3,000 excluding extended sell-offs. Meanwhile, the 2nd support floor near $3,062 should prevent more downswings.
The 4hr candlestick chart and the Exponential Moving Averages display bullish signals. Ethereum holds beyond the 50-day Exponential Moving Average at $3,007. Meanwhile, morning actions on Sunday saw the 50-dayEMA pulling away from the 200-day Exponential Moving Average, offering support.
Also, the 100-day Exponential Moving Average moved away from 200-dayEMA, ensuring massive resistance for the alt. Escaping the 50-day Exponential Moving Average would see Ethereum climbing towards $3,500.