Ethereum is Poised for More Gains: A Bullish Continuation to $4000 Looks Imminent for the ETH Price Rally

The post Ethereum is Poised for More Gains: A Bullish Continuation to $4000 Looks Imminent for the ETH Price Rally appeared first on Coinpedia Fintech News

Across the markets, Ethereum is displaying immense strength as the price withstood immense selling pressure. The launch of the spot ETH ETF was expected to circulate bullish waves across the markets, pushing the ETH price above $3500 in a go. However, the traders did not appear to be confident that the next price action would restrict the buying volume, offering fewer opportunities for the bears to reclaim their dominance. 

The ETH price began the week’s trade on a huge bullish note after consolidating within a range for a couple of days. The token broke above the crucial resistance zone, which has revived the possibility of a bullish continuation. However, the upper target remains misty as of now as the bulls have not demonstrated the required power. As a result, the price may be susceptible to an extended consolidation as the volume remains restricted. 

As seen in the above chart, the XRP price maintains an elevated trend along the 200-day MA, which has been acting as a strong support for over a month. The recent upswing has elevated levels beyond the 50-day and 100-day MA, which has flashed bullish signals for the second-largest crypto. Secondly, the DMI which signals the upcoming trend, is about to display a bullish crossover, validating the possibility of reclaiming $3600 anytime from now. 

Meanwhile, the RSI & MACD are also supporting the bullish narrative. 

The daily RSI is trading upright and is heading towards the upper threshold after surpassing the average range. Besides, the MACD displays a drop in selling pressure, which may pave the way for the buying volume to swell. Now that the ETH price has already triggered a 4% upswing since the early trading hours, another similar upswing may secure its position above the critical price range at around $3480 before the end of the day’s trade. 

This move is more important to keep up the bullish momentum. However, the volume remains a huge matter of concern, as it indicates a huge drop in volatility. With this, the probability of the Ethereum (ETH) price remaining consolidated within a range remains high, pushing the token within an accumulated range below $3600.