ETH Price Analysis: ETH/USD Maintains Bullish Bias Amid Key Resistance As Ethereum Foundation Discloses What To Expect

• ETH stays positive starting from the $2,500 low
• ETH/USD is in the green towards the end of the week trading at a $3,140 intraday high
• Ethereum Foundation discloses details on the Merge and what to expect in the next months

Ethereum (ETH) has gained this week again, and it managed to hold above the moving average (MA 50) and re-enter the area above $3,000. The overall cryptocurrency market also points to a second weekly gain after last week’s very strong performance. Investors continue to evaluate the market risks from the ongoing political instability. However, the market sentiment received a boost as the total capitalization managed to reclaim the $2 trillion mark during the week. ETH stays positive starting from the $2,500 low, and if the market continues the upward pattern, the outlook may turn brighter. ETH/USD is in the green towards the end of the week trading at $3,140 intraday high, with bulls on the defensive – which signals an improving market sentiment and a broad positive performance. The Ethereum Foundation discloses details on the Merge and what to expect in the next months in a recent blog post. The official switch to proof-of-stake consensus is marked by the merge upgrade.

Key Levels
Resistance Levels: $3,700, $3,400, $3,200
Support Levels: $3,000, $2,800, $2,500

ETH/USD Daily Chart: Ranging

ETH/USD Daily Chart

The ETH/USD has reached a two-week high of $3,140, barely below the February 2022 highs’ resistance zone of $3,285. The rise in positive momentum when the price overran the $3,000 psychological barrier is reflected in the upturn of the moving averages (MA 50). If upside pressures fade, support could commence from the $3,000 border.

The ascending trendline currently indicates no decrease in bullish forces, while the medium-term oscillators show an upward bias in the pair. The relative strength index is over its midline 50 and is approaching overbought territory. Furthermore, the moving average (MA 200) is yet to show an increase in negative momentum.

ETH/UD 4-Hour Chart: Bullish

ETH/USD 4-Hour Chart

As seen on the smaller time frame, above the $3,000 obstacle turned support and the 4-hour moving average (MA 50), the ETH/USD is maintaining a strong bullish bias. However, the bulls might find preliminary opposition from the $3,285-$3,400 threshold if they maintain their present market trend.

If the pair passes this hurdle, the market may head for the $3,500-$3,700 region before buyers turn their attention to the $4,000 zone seen last as of January 2022. If a deeper retracement occurs, the bears could seek out the rising 4-hour moving average (MA 200) line at $2,760 and the key support of $2,500 inside swing high.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock