Etherium perice analysis
$2,584
Etherium is attempting to rally towards the $2,850 breakout level, where it is likely to see a fierce battle between bulls and bears.
If the price clears $2,724, the ETH/USDT pair could reach the declining 20-day EMA ($2,864). This is a key level to watch as a sharp decline from the 20-day EMA would indicate that the sentiment remains bearish. The bears would then attempt to pull the price below $2,552.
Contrary to this assumption, if the price rises above the 20-day EMA, it would signal that the bulls are back in the game. The pair could rise to the 50-day SMA ($3,162) and then $3,400.
The moving averages on the 4-hour chart are close to completing a bullish crossover, and the RSI is in positive territory, signaling that the trend is turning positive. There is a minor resistance at $2,724, but if overcome, the pair could reach strong resistance above $2,850.
This positive view would be invalidated in the short term if the price turns around and breaks below $2,550. That could send the pair down to $2,300, where the bulls will try to halt the decline.
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