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coinpedia 2025-05-19 12:28:22

Ethereum Gets Rejected From a Crucial Range-Will This Hinder the ETH Price Rally to $3000?

Ethereum Gets Rejected From a Crucial Range-Will This Hinder the ETH Price Rally to $3000?

The post Ethereum Gets Rejected From a Crucial Range-Will This Hinder the ETH Price Rally to $3000? appeared first on Coinpedia Fintech News Ethereum has been displaying massive strength and outperforming most of the cryptos, including Bitcoin. The price surged and reached the crucial resistance levels, not seen since February but failed to surpass the range, resulting in a notable pullback. Previously, the rejection from the range had dragged the levels towards the lows below $1400. So the question arises whether the ETH price will revive a strong upswing to $3000. Regardless of the long-term price action, the ETH price is poised for a strong upswing in the short term as the 50/200-day MAs have undergone a golden cross. However, in the long term, the price is expected to face some upward pressure as the token has dropped below a crucial resistance zone. Previously, a strong buying volume followed this rejection, which pushed the price to $4000. The ETH price has witnessed its strongest 1-month rise in recent times after the rebound it underwent on April 7, 2025. Meanwhile, the price faced extreme upward pressure last week, which stopped the rally and got rejected exactly at the 50-day weekly MA. This rebound is technically the new bullish leg of the multi-year rising wedge. The 1-week MA 50 turned into a resistance when it last broke on the week of January 27, 2025. Once it breaks and closes above the range, one can expect a strong bullish upswing that happened during late 2024. Therefore, all eyes will now be on the current weekly close, which is now expected to rise above the 200-day weekly MA and surpass the 50-day MA. As the weekly MACD has already turned bullish, the ETH price is believed to revive a strong rise back to the psychological barrier at $4000. However, breaking this barrier is extremely crucial to keep up the bullish trend towards a new ATH.

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