Ethereum Price Holds Bullish Case Aiming For $4,400
Ethereum bulls are adamant about letting go of their grip on the price, perhaps because they are very close to the all-time high. In the days leading to last weekend, Ether sustained an uptrend whereby a real break was made above $3,600 and extended to $3,800. On Sunday, buyers nearly brought down the barrier at $4,000 but an unexpected obstacle at $3,980 cut short the upward action.
Ethereum Bulls Embrace Multiple Buy Signals
The most prominent smart contracts token is trading at $3,812 at the time of writing after recoiling from support near $3,600. Bulls believe that it is a matter of time before they make their way above $4,000. The short-term goal is to close the gap at the all-time highs around $4,400, a move that will blast Ether into the subsequent price discovery phase.
According to the daily chart, the technical picture mainly favors the bulls. For example, the SuperTrend indicator has recently flipped bullish. This indicator sends a buy signal when it closes the day below Ethereum’s price. If the technical picture stays the same, we expect Ethereum to remain in the bullish camp.
ETH/USD Daily Chart
Similarly, the Moving Average Convergence Divergence (MACD) indicator moved above the mean line, thus adding credence to the bullish outlook. Realize that the MACD is a trend tracking tool that calculates the momentum.
As the 12-day EMA crossed below the 26-day EMA, the odds increased in favor of the uptrend. As long as the technical picture on the chart is unchanged, Ethereum has the potential to rally to $4,400.
On the other hand, bulls must focus on lifting above the supply zone marked red on the chart. A real break past this level will encourage more buyers to come to the market as investor risk appetite rises. In turn, giving ETH the momentum to hit a new all-time high.
Ethereum Price Intraday Levels
Spot rate: $3,822
Trend: Bullish bias