Ether experiencing a 6.48% Rally and it May Surge to $4,106.33
The Ether (ETH) investors are currently looking very excited with the growth it has observed in the past 7-days. Although there were a few letdowns in the past 7-days in terms of ETH’s price, the overall situation has remained under the control of the buyers.
Past 7-Day Performance of Ether
On March 26, the value of Ether was at a low of $3,123.22 per ETH and the bears were practicing their usual powers. They were selling any rally that the bulls were forming on a lower level.
However, the bulls were ready to launch a stronger attack against them, which they did on March 28. On March 28, the bulls increased their buying power, overwhelming bears in the process, and by the end of the same trading day, ETH was at $3,409.65.
Although the bulls had more buying power, the bears tried matching it for the next few days and by March 30, the bulls couldn’t sustain their pressure any longer.
Therefore, the bulls ended up giving up, which dragged ETH’s price down to $3,234.12 per ETH. However, the price of Ether soon witnessed a rebound and since then, it has continued elevating.
In the past 24-hours, Ether’s value has surged by 6.48%, bringing its unit price all the way up to $3,480.73 per ETH. Ether being able to make it back to its old price is a positive sign that the bears are now losing their selling prowess.
Trend Indication and Price Elevation
As of now, the general sentiments of the market are supporting the buying opinion. The moving averages, oscillators, and the summary scale are all supporting the sentiments. ETH’s RSI is at 70.71 and the ultimate oscillator of the second-largest cryptocurrency is at 57.31.
The trend and the indicators suggest that the price of ETH may continue growing higher without any obstacles. The first thigh price that the ETH/USDT pair may succeed in hitting would be $3799.95 per ETH.
The next approach the investors may make would be to bring ETH up to $3,936.48 per ETH with a stronger buying force. Ultimately, the bulls may try and push the price of ETH to a high of $4,106.33 per ETH
If things go south for Ether, then it would mean that the price of Ether may get pulled down to 3,206.26 per ETH. This would trigger a strong selling spree, which would aid the bears in pulling the price of Ether even lower.
The technical factors may also start falling below the midline if Ether’s price continues to drop. In that case, the price of Ether may get pulled down to $2,963.48 per ETH.
