Ethereum (ETH/USDT) Seeks Further Growth as Momentum Increases
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Ethereum Mid-term Analysis: Bullish
The market for Ethereum against Tether has experienced a significant upward push in recent times, breaking past previous resistance levels. This increase, accompanied by growing bullish participation, signals a strong upside sentiment in the market as the pair’s price now sits above the upper Bollinger Bands line.
Current price actions show the pair is preparing to establish a base above the $4,400 level in the coming session as the price targets the $5,000 psychological level. However, current conditions warrant caution, but the MACD is in a positive range, displaying a strong bullish histogram.
Currently, Ethereum trades at $4,752.02 after opening at $4,250, recording over 2.7 million traded volumes this week.
Technical Indicators
Major Resistance Levels: $4,800, $5,000, and $5,500
Major Support Levels: $4,460, $4,300, and $3,900
Ethereum Technical Analysis
On a weekly time basis, Ethereum against Tether shows an ascending trend with the potential to test a higher resistance region as the price finds a position above the upper part of the Bollinger band. However, due to overextension, the price may pull back before breaking out to the north significantly.
The MACD, on the other hand, shows the pair is showing bullish divergence as the indicator displays green histograms, suggesting continued buying momentum.
To this end, if the price can extend beyond $4,800, a move above $5,000 would materialize soon; otherwise, the price may consolidate at the current position for a decisive move in the near term.
ETHUSDT Analysis: Gearing Up for More Gains
The price action on the daily timeframe demonstrates that ETH/USDT is on the move towards $5,000, thanks to the consistent buying interest as the price approaches $4,760 in the current session.
Though the overbought condition, as depicted by the positioning of the price, warrants caution due to the possibility of a pullback. However, the expansion of the bands coupled with the growth of the MACD suggests the price might continue it’s uptrend.
To this end, a pullback might occur if the price fails to break above $4,690 in this session. However, a break above $4,800 would signify a continued uptrend.
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