Important points
- ETH is trading above $3,100 and is up less than 1% over the past 24 hours.
- If the bullish trend resumes, the coin could rise towards the psychological level of $3,500.
ETH continues to hover above $3,000
The cryptocurrency market has gotten off to a strong start this year, with Bitcoin regaining the $90,000 level. Ether is also trading above $3,000 again, while XRP has regained its position as the fourth largest cryptocurrency by market capitalization.
However, in the past few hours, the three major cryptocurrencies have changed their prices, with altcoins recording mixed performance. Bitcoin and Ethereum have risen for the second day in a row, surpassing $92,000 and $3,100, respectively, while XRP is holding steady around $2.00.
Technical indicators suggest that the bulls may regain control of the market and push Ether higher. However, with the start of weekly candlesticks today, it will be several hours before the direction of Ether becomes clear to traders.
Ether eyes $3,500 amid bullish triangle pattern
The 4-hour chart of ETH/USD is bearish and efficient as Ethereum has lost 1.7% of its value over the past 7 days. At the time of writing, ETH is trading at $3,113, above the local support trend line connecting the lows of December 18th and 29th.
Momentum indicators suggest that the bulls are currently in control of the market. RSI 49 indicates bearish momentum is weakening. If the RSI crosses the neutral 50, Ether price may rise in the short term.
The MACD line is also close to entering the positive zone, reinforcing the market’s bullish bias.
If the bullish trend resumes, Ether could move above the December 10 high of $3,260 with the next major resistance near the psychological level of $3,500.
However, if the bearish trend continues, Ether could fall below the $3,000 level and test support levels near the December 18 low of $2,920.
