U.S. equity opens higher amid risk-on market profile. Global cryptomarket witness buying opportunities.
Ethereum (ETH) price analysis indicates bullish momentum for the day. The second-largest cryptocurrency tests multi-week highs on Wednesday. ETH continued to scale high for the past few sessions following a consolidation of nearly $1,180.
As of press time, ETH/USD reads at $1,250, up 2.57% for the day. The 24-hour trading volume rose to $5,323,872,209 with gains of more than 76% according to analytic firm Coinmarketcap.
Ethereum price set to test critical resistance
From the technical perspective, the Ethereum price analysis suggests continuing the upside momentum. The bulls have been successful in sustaining the uptrend that set on November 22 with the formation of Tweezer bottom. The price appreciated nearly 25% to test the high of $1,348.41 on December 14.
The mentioned level is a short-term horizontal resistance zone as the price immediately retraced to find support around $1,180. As with the previous trend, the bulls are expected to recapture the $1,300 mark.
Further, a daily close above $1,350 will put the bulls in the dominant position and the price could test the critical 200-day Exponential Moving Average (EMA) at $1,522.
On the other hand, If the price failed to move above the session’s high and stays below the 21-day EMA this setup might end up in a downside movement. If that happens, the market participants would see the low of December 19 at $1,152.20 as the first lower target.
Technical indicator:
RSI: The daily Relative Strenght Index ( RSI) trades at 55. A reading above 50 is a bullish sign.
MACD: The Moving Average Convergence Divergence (MACD) still holds below the midline. But, with the rising bullish momentum suggest bulls are in action.
