The cryptocurrency market resumed its rally in the past few days, and more gains could be recorded in the coming hours
The cryptocurrency market continued its rally over the weekend, with Bitcoin breaking past the $50,000 mark for the first time since May. Several altcoins also recorded huge wins over the weekend as the slow recovery continues.
Ether has maintained its position above the $3,200 level over the past 24 hours. It is currently up by roughly 2% in the last few hours. Ether failed to break the major support level at $3,290 yesterday, leading it to fall to a low of $3,128.82.
However, Ether has since bounced back from the slight drop and is now trading above the $3,300 level. The second-largest cryptocurrency could be looking to record further gains over the next few hours. The current outlook on the cryptocurrency market is positive, with further upward movement expected soon.
ETH price outlook
The ETH/USD 4-hour chart is one of the most bullish amongst the leading cryptocurrencies. Ether was able to get the support it needed from the broader market and broke past the $3,300 level in the last few hours.
The rally now sees Ether targeting the first major resistance level at $3,361. At the moment, ETH is trading at $3,324 per coin, and it is likely only a matter of time before it surpasses the first major resistance level.
ETH/USD 4-hour chart. Source: TradingView
The MACD line shows that Ether is very bullish at the moment, while the RSI moving above 50 indicates that there are more buyers than sellers of the cryptocurrency. In the event of an extended market rally, Ether could surpass the $3,400 level and aim for the resistance level close to $3,450.
However, failure to maintain this current momentum could see Ether drop to the first support level at $3,271. Unless there is an extended period of market sell-off, ETH should defend the major support level at $3,155 and steer clear of the sub-$3,000 region.
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Author: Hassan Maishera