Ethereum trading has brought significant gains to the bulls this week. Support at $ 2,400 was protected during the weekend session, causing buyers to focus their efforts on resuming the uptrend. On Monday, a break above $ 2,500 pushed Ether to $ 2,600. The smart contract token is now struggling with another hurdle at $ 2,650.
At the time of writing, Ethereum is trading at $ 2,610 and the bulls are fighting a tough battle to clear the way to $ 3,000.
The four-hour moving average divergence (MACD) convergence has a bullish momentum, this picture came after the exit from the negative area to the positive. Note that the MACD follows the trend of an asset and measures its momentum.
Traders use the MACD to identify sell positions at the top or buy at the bottom. Indicator signals force investors to make certain decisions. For example, when the MACD line crosses the signal line, it is a call to buy; crossing below the signal line is a call to sell.
At the moment, ether is in the buy zone, especially considering that the MACD line is expanding its divergence above the signal line. In addition, the indicator moved above the zero line into the positive area. This strong bullish signal could attract more investors to the market waiting to exceed $ 3000.
On the same four-hour chart, the decline is blocked by the 100 Simple Moving Average (SMA). If this support remains firm, ETH’s path of least resistance will be upward.
Do not forget that the most serious obstacle is $ 2,650. In case of a breakdown, the ether will start its way to $ 3,000, otherwise Ethereum will drop to retest the anchor at $ 2,400.
Ethereum daily levels
Spot Rate: $ 2597
Trend: bullish
Volatility: growing
Resistance: $ 2650
Support: $ 2400
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