ETH/USD gained a few ticks as the global cryptocurrency market stabilized from the mid-week correction and positive sentiment rose on lingering inflation concerns. ETH held a tight range close to and mostly just north of $3,000 as there was little news from the market to guide any directional move. Ethereum is tiptoeing above the established daily moving average (MA 50) support barricade that has muted negative developments ever since the pair corrected to the $2,950 level. Despite several attempts to sink below the $3,000 price mark, Ether has remained above it. At the time of analysis, ETH/USD battle for survival continues at $3,035. Before the initiation of The Merge, Ethereum (ETH) developers initiated a testing campaign. The kiln was launched on multiple Ethereum testnets during the final pre-Merge testing session. However, the timing of The Merge’s “Difficulty Bomb” for Ethereum (ETH) is still unknown; presumably, Q3 2022 remains the aim. Tim Beiko revealed on April 13, 2022, that Ethereum’s migration to Proof-of-Stake would begin “not in June, but a few months later.”
Key Levels
Resistance Levels: $3,700, $3,500, $3,200
Support Levels: $3,000, $2,700, $2,500
ETH/USD Daily ChartAfter an amazing rally past $2,950, Ethereum increased bullish activity beyond $3,000. A new bullish run might push the price up for a long because of the recent decrease. Since maintaining a minor bounce at $2,950 from the recently constructed support, Ether has remained stable above $3,000 and daily moving average (MA 50).
The current trend might sustain its positive drive and the relative strength index (RSI) is near its midline 50, ETH/USD could potentially move closer to near-term resistance and launch another $3,200 assault, aiming to break through the $3,300 bearish confluence zone. Despite the return from the highs during the week’s start, bulls remain in the driver’s seat.
ETH/USD 4-Hour ChartAfter a brief bearish week start, ETH/USD rose from $2,950 to $3,145 during the mid-week trade. The price movements in sentiments have formed an upward trendline and have originally faced resistance at the $3,500 level ahead of the upward trendline. On the downside, ETH/USD has three levels of support: $3,000, $2,700 and $2,500.
Although the 4-hour MA 50 and MA 200 show mixed bias after crossing, the RSI has popped off the oversold region and is steadily moving near the 50 midlines. On the plus side, a break over the horizontal resistance at $3,200 might be required for the bulls to take another path to $3,500. Investors are likely to remain positive on Ether as long as the market price is above $2,500.
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