Ethereum (ETH) Price Restored to the $3000 Range and Continues to Hold above the Support Indicating it Being Self-assured of a Fresh Upswing

While the short term price targets remain restricted around $4000, the long term targets are set beyond a 5-digit figure

Ethereum price displayed a strong rebound from the lows below $2900, attempting to reclaim the pivotal range of $3000. Moreover, the second-largest crypto sustains above the gains, indicating a strong presence of bulls at these levels. Therefore, the ETH price is believed to maintain a healthy upswing hereafter and revive a fine ascending trend beyond the pivotal resistance at $3,166.

While the markets are completely focused on Mt. Gox and Germany, the Ethereum price is gearing up for the ETF launch. The chart appears to be identical to that of Bitcoin, which soared by over 200% last year. After years of accumulation, the second-largest token is all set to fly high. However, the levels have entered the bullish range and hence the resistance at $4000 appears to be a ripe level to go now.

The ETH price has entered within the range after breaking down below the descending parallel channel. This suggest the price is due for a major comeback while the bearish clouds may continue to hover over the token until it reaches the upper resistance. The price has entered the parallel channel but to rise above the bearish influence, it needs to enter the resistance zone between $3280 and $3323.

The RSI has triggered a rebound, but it has been failing to rise above average levels for over a month. The MACD shows a drop in the selling pressure but the buying pressure does not appear to have started to accumulate. Therefore, the price may remain consolidated below $3166 for a few more days and after the ETH ETF goes live, the Ethereum price may soar high to hit $4000 initially and later test a higher range.

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