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The price of Ethereum (ETH) is currently trading above the $3,000 level, trying to maintain stability above this important range that previously acted as resistance.
Analysts believe that this level could act as new support, paving the way for an attempt towards the $3,700 area.
Although the currency lost around 3% in 24 hours, its weekly performance remained positive, with gains of around 5% and daily trading volume of $24.2 billion.
Analyst Michael van de Poppe pointed out that the price recovery to the $3050-3150 area is a sign of buyers entering the market early. If the price maintains this support level, $3700 will become the closest target.
On the other hand, the lack of stability above current levels could push Ethereum closer to the $2,630 and $2,400 support areas, especially if price action continues to consolidate and the RSI rises.
As for analyst Ali Martinez, he believes the bigger picture hinges on a break above the $4,800 level, which represents central resistance, before considering higher ranges such as $6,800 and $8,800.
He added that reaching the $62,000 level is still related to the strength of the momentum and confirmation of the breakout.
Meanwhile, Clifton FX shows that price has broken out of a falling wedge pattern, with short-term targets approaching $5,000 if the current path continues.
“Merlijn The Trader” also pointed out that the daily MACD indicator showed a bullish crossover for the first time since September, after the price held support at $2,700-2,900 before rising to $3,200.
He believes the $3,900 area constitutes a key resistance level, above which could open the door to a complete bullish reversal, especially if the price trades above the moving averages and on higher volumes.
On the sentiment front, the analyst who goes by the nickname “CryptoWZRD” noted that ETH and ETHBTC ended the day neutral, with the latter remaining above an important trendline.
$3,700 remains the most significant resistance, while major support remains near $2,800.
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Buying 300,000 Bitcoins for $84,000: Does this area constitute a new price floor?
