ETH eyes $3.5K price level as it managed to reclaim the pre-pandemic support levels and got back above its 50-week exponential moving average as we can see more today in our latest ethereum news.
Ethereum’s native token ETH eyes $3.5K level in the upcomign sessions as it reclaimed a historically strong support level at the start of February. Ethereum’s price is back above the key trendline now and the price is rising above its 50-week exponential moving average which means the price is included to climb higher above the psychological support levels that could serve as a ground for a new increase for ETH. The 50-week EMA was key in maintaining Ether’s bullish bias between 2020 and 2021 and for example, it served as a strong accumulation zone in the market correction in the second and third quarters which pushed the price from $1700 to $4951.
As a result, reclaiming the 50-week EMA as support, provided another chance for an additional upside move towards the next resistnace target close to the 20-week EMA which is around $3500. In the meantime, the break above this level could have ETH/USD test a horizontal resistance trendline which constitutes an ascending triangle pattern and this move could put the ETH token en route to the previous high near $5000. The latest buying in the ETH market seemed strong due to earnings from Amazon.com which boosted the investors’ conference in riskier assets like tech stocks and BTC. Ether rallied by 11% after the earnings release and the price jump also boosted the week-to-date profits higher to 16%.
The rally appeared in conflict with the latest NFP data also being released on Friday. Despite the fears that Omicron will curtail business activity, the US companies added another 467,000 jobs this year and beat the market by a wide margin. The NFP report underscored how hard it is for the Federal Reserve to predict interim changes in the economy but it did ensure that the US central bank will go ahead with the plans to raise short-term benchmark rates. The FED chair Jerome Powell said he will continue raising interest after the March Hike much faster than they did during the past ten years if the labor market looks stronger and the inflation remains above the 2% target.
ADVERTISEMENT
ADVERTISEMENT
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
