thereum tested support at $2,000 during the broad-based declines in the cryptocurrency market last week. Support at the 200 Simple Moving Average (SMA) on the four-hour chart and $2,200 played a crucial role in ensuring that the recovery is steady.
ADVERTISEMENT
On Monday, bulls increased the grip on the price by breaking above the 50 SMA and 100 SMA. As the technical levels improved, Ether closed the gap heading to $2,500. A brief break above this level saw bulls shift their attention toward the recent record high of $2,600.
However, selling pressure is becoming apparent as resistance at $2,500 remains unshaken. ETH trades marginally under $2,500 amid the intense tug of war.
The Relative Strength Index (RSI) shows that bears could emerge stronger, sabotaging the breakout toward $2,600 and $3,000, respectively. A bearish divergence from the price seems to reinforce the bearish outlook. Unless the RSI break above the trend line and enters the overbought region, overhead pressure will rise in the near term.
Moreover, a real break past $2,500 would allow bulls to focus on gaining ground past $2,600. Trading above this level would also trigger massive buy orders as the uptrend builds toward $3,000.
Advertisement
ETH/USD four-hour chart
Read more
ETH/USD price chart by Tradingview
It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a bullish impulse. The MACD line increases the divergence from the signal line while the indicator holds within the positive region. If this technical outlook holds, Ethereum will settle above $2,500, setting the framework for gains eyeing $3,000.
Ethereum intraday levels
Spot rate: $2,502
Trend: pivotal at $2,500
Volatility: Low
Mine Crypto On Your Phone In Just 4 Hours ->
Sponsored
Support: $2,400, $2,200 and $2,000
Resistance: $2,600
To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram
Post your comment...
Related Posts
China’s E-commerce Giant JD.com Starts Paying Employee Salaries in Digital Yuan
 Bhushan Akolkar Newspublished 5 hours ago | modified 5 hours ago

ADVERTISEMENT
Some of the top Chinese conglomerates have already joined hands with the People’s Bank of China (PBoC) in testing the country’s own CBDC, Digital Yuan. As per the latest CNBC report, Chinese e-commerce giant JD.com has already started paying certain employees in Digital Yuan.
ADVERTISEMENT
This comes as the PBoC looks to extend the scope of using the Digital Yuan across the nation. China has been accelerating the use of its CBDC over the last few months as it aims to replace the coins and cash in circulation within the economy, although not entirely. However, the initial focus remains on pushing the use of Digital Yuan in the domestic market and then internationally.
Currently, the Chinese central bank is conducting several pilot projects and trials across the country. The PBoC is also distributing Digital Yuan domestically either through lotteries to test the initial usage and response from the users.
On Sunday, April 25, JD.com said that it has collaborated with the PBoC for some trials. Besides, it also said that it considered paying salaries for some of its employees in Digital Yuan during January 2021. The e-commerce giant also revealed that it used PBoC’s Digital Currency Electronic Payment System (DC/EP) to make payments to other businesses.
Mine Crypto On Your Phone In Just 4 Hours ->
Sponsored
Increasing the Scope of the Digital Yuan CBDC Use
Earlier this month, PBOC Deputy Governor Li Bo already hinted that it is looking to expand the scope of its CBDC use in the market. Hence, the central bank shall be further pushing for more trials ahead this week. As per its previous plans, the central bank is also looking to extend the use of CBDC for international athletes coming to China at the Winter Olympics 2022 next year.
Advertisement
Last month, Mu Changchun, director of the People’s Bank of China’s digital currency research institute briefed about pushing the use of Digital Yuan in the country’s financial system. He said that the Digital Yuan aims to provide a foundational backup to the already existing digital payment players like WeChat Pay and AliPay.
To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram
Post your comment...
Related Posts
Subscribe to newsletter

Coingape is the most trusted source of News, Insights, Reviews and Price Analysis on Bitcoin, ICO, Blockchain, Cryptocurrency. Find out latest Bitcoin News.
Categories
News
Price Analysis
ICO/IEO Review & Rating
Events
INTERVIEWS
Widget
Contact
Advertise
Submit Press Release
Submit ICO/IEO Listing
Write For Us
Careers
Company
About Us
Careers
Privacy Policy
Editorial Policy
Sitemap
Our Publishing Partners

© 2021 CoinGape. All Rights Reserved.


We'd like to show you notifications for the latest news and updates.
No comments:
Post a Comment