Ethereum launched to another colossal milestone after striking price levels beyond $3,000. The gigantic smart contract token rallied as Bitcoin failed to rise above $60,000. The lift above $3,000 paved the way for gains that closed the gap toward $3,500.
In the meantime, ETH trades at $3,250 after losing some ground from the all-time high. The correction has occurred in tandem with Bitcoin’s retreat to $55,000 from price levels close to $60,000.
Higher support is required to keep the bears at bay and allow bulls to focus on price levels above $3,500 and $4,000, respectively. The Moving Average Convergence Divergence (MACD) suggests that Ethereum is firmly in the bulls’ hands.
For instance, the MACD line (blue) continues to sustain the position above the signal line. Although the MACD line does not identify overbought and oversold conditions, it foresees the general trend of an asset while measuring its momentum.
ETH/USD four-hour chart
ETH/USD price chart by Tradingview
On the flip side, the Relative Strength Index (RSI) suggests that Ethereum is fast flipping bearish. For example, the trend strength indicator drops sharply from the overbought area, implying that bears control. If the technical outlook is unchanged in the short term, sellers will have the upper hand.
Ethereum’s co-founder, Vitalik Buterin, has made it the list of the world’s youngest cryptocurrency billionaires. The 27-year-old programmer’s crypto holding soared to higher levels as Ethereum price hit new record highs.
Ethereum intraday levels
Spot rate: $3,250
Resistance $3,460 and $3,500
Support: $3,200 and $3,000