Ether targets $3,000 following its recent rally
Ether has performed well over the past week and could soon look to break past a major psychological level.
The cryptocurrency market performed well last week, adding more than 5% to its market cap during that period. Following the latest rally, the total cryptocurrency market cap is now closing in on $1.9 trillion.
Bitcoin, the world’s leading cryptocurrency by market cap, is up by more than 7% in the last seven days and looks prime to surge past the $45k resistance level in the coming days.
Ether remains the second-largest cryptocurrency by market cap and is one of the best performers over the past seven days. Ether’s price increased by nearly 13% last week and is now trading above $2,900 per coin.
Ether could rally past the $3,000 psychological level over the coming hours or days with the ongoing rally.
Key levels to watch
The ETH/USD 4-hour chart is currently bearish as ETH has less than 1% of its value in the last 24 hours. However, the technical indicators still show that ETH could resume its rally soon.
The MACD line is still above the neutral zone, indicating bullish momentum. Meanwhile, the 14-day RSI of 38 shows that ETH is no longer in the oversold region.
If the bullish momentum resumes, ETH could rally past the resistance level at $3,000 over the next few hours. However, the resistance level at $3,178 should limit further upward movement in the short term.
The bears are still in control of the Ether market and could drive its price below the $2,780 support level. Unless there is an extended loss, ETH should steer clear of the support level at $2,606 over the next few hours.