ETH was spiking up over 5% on Friday, reaching up toward an important psychological level at $3,000 after breaking up from a triangle pattern on March 15. It reversed into an uptrend on March 7, which was confirmed on Wednesday when the crypto formed a higher high above the March 9 high-of-day at the $2,774.26 mark. The crypto’s most recent higher low was printed on March 13 at $2,492.98 and when Ethereum prints its next higher low above that level, bullish traders may choose to enter into a position.
If Ethereum closes the 24-hour trading session near its high-of-day, it will print a bullish Marubozu candlestick , which indicates higher prices may come on Saturday. If higher prices don’t come, the second most likely scenario is that Ethereum will print an inside bar pattern.
On Friday, the eight-day exponential moving average crossed above the 21-day, which is bullish . The crypto also regained support at the 50-day simple moving average , which indicates longer-term sentiment has turned bullish .
Ethereum has resistance above at $3,057.82 and $3,240. 01 and support below at $2,890 and $2,609.02.