Ethereum is attempting to break a major resistance zone with strong volume, according to analyst Crypto Patel. A confirmed breakout and sustained close above this level could open the path toward $3,000. ETH is trading above the upper Bollinger Band, while the MACD signals strengthening bullish momentum. The cryptocurrency is currently at $2,417.58, up 1.54% in 24 hours.
Ethereum price has shown renewed strength as buyers push ETH higher toward an important resistance zone. At the time of writing, ETH is trading at $2,417.58, up 1.54% over the last 24 hours.
The cryptocurrency has recorded approximately $53.85 billion in daily trading volume. Its market capitalization stands at around $292.71 billion.
On August 22, crypto analyst Crypto Patel observed that ETH is attempting strong resistance with strong volume participation in the higher time frame candle. As per the analysis, a successful breakout followed by trading above this resistance would pave the way toward the $3,000 mark.
Ethereum is trading above the upper Bollinger Band, which stands at $2,390.58, while the middle band is at $1,988.37. When an asset trades above the upper Bollinger Band, price momentum is gaining strength.
The MACD line for Ethereum is currently at 121.18, significantly higher than its signal line of 57.83. The combination of increased volume, movement above the upper Bollinger Band, and MACD is favorable for this move.
However, indicators can change quickly due to decreasing buying interest. A break above the resistance level may build market sentiment and potentially lead to more buying pressure.
A daily close above the level will give a better indication than a temporary price break. If the Ethereum price fails to remain above the resistance level, it could fall back into support levels.
Ethereum’s subsequent move will rely on how the price acts in the current resistance area. Strong volume and a close above resistance would provide more confirmation of the move toward $3,000.
