The post After SEC Case Drop, Will Ethereum(ETH) Hold Above $3500 appeared first on Coinpedia Fintech News
On Wednesday, the crypto market was driven upward by the news that the US Security Exchange SEC had permanently dropped the case against Ethereum. The press release triggered a marginal rise in altcoins and Bitcoin(BTC) price today reclaimed 65000 USD with a steady move.
Ethereum (ETH) spiked 3.5% amid the announcement and moved above the key price level of $35K, a crucial support level. The $3.5K mark is significant, as the ETH price has seen frequent upward movements after hitting this zone.
$3500 For ETH, Is a Safe Zone For Bulls.
Ethereum price remains strong above $3500 and the long-term 50-day and 200-day SMA, but below the 20-day SMA indicating a short-term bullish reversal.
On the downside, if 35K territory is lost, Ethereum plots strong support at $3432 and $3361, and on the upside the crypto will face resistance at $3654. A breach above this level will trace Eth’s price towards the resistance at $3720 which will further power up an easy surge to $3750.
The ETH price in Bollinger bands shows a detailed analysis of the trend. The Price trading in the center of bands shows a steady movement, the bands expansion is consistent showing a neutral volatility and the price moving a little closer to the upper band reveals a strong support at $35000.
We also run the Awesome Oscillator (AO), an indicator that shows market momentum and trends. Currently, Ethereum AO is below zero, referring to a bearish or sell of trend, but a close watch says the trend formed 3 green candles consecutively and moving above the negative zone toward zero line.
Is there any Further Decline for ETH?
If the price falls below $3500, it could only restest but if bears take control there are strong support zones nearby.
Current Technicals show a steady movement relying on the RSI in 51.97 in a neutral zone, MACD moving along the trend line, is gaining momentum.