ETH price looks in gains for the second straight day on Thursday. The price lost nearly 6% on Tuesday as it briefly tested the lows around $2,800. However, as the sellers look reluctant to move further down, sideliner investors considered as a good bargain-hunting opportunity.
- ETH price trades on a flat note with no meaningful price action.
- Investors could expect an upside momentum in the second-largest cryptocurrency above $3,000.
- However, the ETH buyers must face challenges to set further long directional bias.
As of writing, ETH/USD exchange hands at $2,926, up 1.54% for the day.
ETH price seeks upside confirmation
ETH price seems to find out some reliable support at around $2,800 on the daily chart. The price dropped nearly 53% from its all-time high of $4,867.51 to test the lows of $2,300 in February. The second-largest cryptocurrency followed the footprints of Bitcoin. However, the correction in ETH made three distinctive higher lows at $2,300, $2,500, and $2,940 since February 24. The upside remained capped near $3,500.
The ascending trend line from the lows of $2,300 acts as a support for the bulls. But the price remains pressured below the critical 200-day EMA at $3,169. In addition to that, the ETH price trades in a short-term downside channel extending from the highs of $3,500.
Now, the price is expected to meet the critical $3,000 level which is an intersection point of the bullish trend line and the downward channel. A decisive close above the level would bring $3,200 into play.
While things look positive for ETH, a spike in sell order could disturb the upside calculation in the price. A move toward $2,800 would be described as the continuation of the prevailing trend.
Both the oscillators, the RSI and the MACD trade near the oversold zone but with a neutral bias.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.