Ethereum (ETH) – Switched to a recovery operation; a move above the 3,230 would bolster positive tendenciesPosted on Thursday, April 21 2022 at 9:24 pm GMT+0000
Ethereum (ETH) switched to a recovery operation on Monday after halting its down-leg at a one-month low of 2,880 and near the upper surface of the Ichimoku cloud.
The second-largest cryptocurrency gained further traction in the following session and sliced through the Tenkan-sen line. Currently, momentum oscillators are favoring further price advances. The ROC is strengthening a tad north of the zero threshold, and the stochastics are exhibiting a strong positive charge while approaching the 50-neutral mark.
Given those circumstances, the focus is spotted on the nearby Kijun-sen line at 3,230. Overstepping that crucial line will confirm additional buying activity initially towards the important April 3rd high of 3,581, a break of which will upgrade the medium-term outlook leading the way instantly towards the January 4th inside swing high at 3,894.
On the other hand, if sellers manage to regain command and drive Ethereum lower, initial downside friction could arise from the neighboring Tenkan-sen line at 3,024, before the April 18th low of 2,880 steps into the spotlight. If this critical zone, which encompasses the Ichimoku cloud fails to deny negative pressures from snowballing, the price will sink towards the support section linking the March 7th and 13th lows around 2,445 – 2,493.
Overall, Ethereum’s positive tone is gaining might, and a substantial move above the 3,230 would bolster positive tendencies.