LIVE#Ethereum has reached a new peak, breaking through the psychological threshold of $3,000. Let’s examine the future outlook for ETH together.
After initiating a correction down to $2,160, the price of Ethereum resumed its upward trend by breaking its last peak at $2,729. At the time of writing this text, an Ether is trading around $3,000. This price level corresponds to the 50% Fibonacci retracement threshold, thus acting as a significant resistance. Ethereum’s recent rise has therefore allowed it to move back above its 50-day moving average, confirming that the cryptocurrency is still in an uptrend.
Naturally, Ethereum’s bullish momentum has resumed with strength, as confirmed by the oscillators. They have indeed bounced back above the median level and have surpassed their previous peak, invalidating the bearish divergence observed earlier. This development is therefore positive for a healthy continuation of ETH’s uptrend. However, it is to be noted that the RSI is in an overbought zone, which suggests a period of consolidation may be forthcoming
The one-month Ethereum liquidation heatmap shows that the cryptocurrency has recently crossed a notable liquidation zone, located between $2,800 and $2,700. The interest at this level has been noticeably on the buying side, given ETH’s upward trend. Currently, the most significant liquidation thresholds are below its present price, highlighting again the zones of $2,850 and $2,700, and even more notably, that of $2,400. The price’s approach towards these levels could trigger a massive influx of orders, thus increasing the potential for a period of heightened volatility on Ethereum. These areas therefore represent crucial points of interest for investors.
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