The cryptocurrency market has resumed its rally in the past few days and more gains could be seen in the hours to come
The cryptocurrency market continued its rally over the weekend, with Bitcoin breaking the $ 50,000 mark for the first time since May. Several altcoins also posted huge gains over the weekend as the slow recovery continues.
Ether has held its position above the $ 3,200 level for the past 24 hours. It has currently risen by around 2% in the last few hours. Ether failed to break key support at $ 3,290 yesterday, causing it to hit a low of $ 3,128.82.
However, Ether has since bounced back from the slight decline and is now trading above the $ 3,300 mark. The second largest cryptocurrency could see further gains in the next few hours. The current outlook for 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 of the leading cryptocurrencies. Ether was able to get the support it needed from the broader market, breaking the $ 3,300 mark in the past few hours.
The rally now sees Ether aiming for the first major resistance level at $ 3,361. ETH is trading at $ 3,324 per coin right now, and it’s probably only a matter of time before it crosses 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, which is hovering above 50, suggests that there are more buyers than sellers of the cryptocurrency. In the event of a prolonged market rally, Ether could cross the $ 3,400 mark and target the resistance level near $ 3,450.
However, if this current momentum is not maintained, Ether could fall to the initial support level at $ 3,271. Unless there is a prolonged market sell-off, ETH should defend the main support level at $ 3,155 and stay out of the region below $ 3,000.