- ETH price has flipped 50-day Simple Moving Average near $3,060 and maintained beyond it.
- Bouncing off this barrier will likely propel Ethereum by 15% towards $3,600.
- A breakdown from the support level of $3,060 will cancel the bullish case.
Ethereum (ETH) overpowered a critical obstacle and switched it into a support barrier following a second attempt. Buying pressure resurgence will likely see Ethereum forming a new local high. For now, Ether bulls appear dedicated to pushing the leading altcoin higher.
Ethereum Needs Bullish Strength
9 February sessions saw ETH price slicing through 50-day Simple Moving Average. However, the leading alternative coin could not sustain this upswing, translating to a retracement. However, bulls ganged up during the correction, bouncing off the support floor of $2,823 to trigger a 12% upside move. The actions formed a swing peak near $3,187.
However, Ethereum overcomes the 50-day Simple Moving Average on the second attempt. While publishing this content, Ethereum hovers beyond this value zone at $3,060. A buying momentum rebirth will likely catalyze a 15% upside towards $3,600, the 100- and 200-day Simple Moving Averages confluence.
Higher bullish aspiration will see ETH breaking past the confluence and clear the road towards the weekly resistance area of $3,951. That leads to a total gain of 25% for the leading alt by market share.
The bullish narrative depends on ETH price steadying beyond the 50-day Simple Moving Average of $3,060. Meanwhile, a 4hr candlestick close beneath this mark will show Ether bulls unable or unwilling to push the altcoin higher.
With that, market players may see ETH sliding lower to retest the support floor of $2,823. Buyers can gang up at this level for a 3rd uptrend attempt.
Ethereum bulls remain dedicated to upsides towards the $3,600 mark. However, they should keep the altcoin beyond a critical barrier for the optimistic move to play out. The alt will achieve its upside goals if it holds beyond the 50-day Simple Moving Average at $3,060.
It could be fascinating to see what upcoming trading sessions will bring for Ethereum. We have more updates on your way. Stay around.