- ETH seems ready to end its struggle after the alt flipped the 50-day Simple Moving Average at $2,791.
- Enthusiasts may expect Ethereum to pierce the supply territory of $2,927 – $3,413 but slowdown near 100-day Simple Moving Average at $3,129.
- A lower low under the weekly support floor near $2,541 will cancel ETH’s bullish narrative.
Ethereum (ETH) follows the largest crypto closely. That way, the altcoin has its price actions wounded and stuck within two critical barriers. However, Ether converted a crucial hurdle despite limited uptrends and fading momentum.
ETH Price Actions Favor Bulls
Ethereum price remains stuck within the supply territory, stretching between $2,927 and $3.413 and $2,413 weekly support floor. That comes as the token continues to mimic BTC’s trends. Meanwhile, the barriers have inhibited ETH movements and their upsurge potential.
Ethereum flipped the 50-day SMA on 16 March after failing to overcome the hurdle thrice within the previous month. The uptrend saw Ether price plowing through the mentioned supply territory and climbing higher.
For now, investors may expect the leading alternative coin to hit the 100-day Simple Moving Average around $3,129. More upswings will have Ethereum exploring $3,200. However, an action past this obstacle appears impossible.
On the other side, Ethereum failing to challenge the $2,927 – $3,413 weekly supply region will show weakness by buyers and indicate a possible reversal for ETH. Meanwhile, a daily candle close under the weekly foothold of around $2,541 will produce a lower low and nullify Ethereum’s bullish theory. That might see bears dragging the alt towards the psychological barrier at $2,000 or retest the weekly supply zone at $1,968.
ETH teases to overcome the barrier at $3K, following a 14% surge in a week. The alt gained over 5% within the past day. Some of the contributing factors to ETH’s bullish are conquering the bearish channel, increased whale interest, and surged exchange outflows.
Data from crypto firms Chainalysis, Santiment, and IntoTheBlock display a bullish stance by enthusiasts promoting the alt gains. Ethereum can push higher as the current financial space might see retail and institutional investors preferring holding than selling.
