Why Ethereum price remains bullish and ready to jump to $3,520

Ethereum (ETH) price has been trading in a bullish triangle these past twelve hours. The triangle formed during the first part of the ASIA PAC session with the base at $3,274.75, setting the scene for a breakout with a rally to $3,391.52. The ultimate target going into the weekend is $3,520, turning the 200-day Simple Moving Average (SMA) into support for the more extended term.

Ethereum price is set to make a critical move that could lead to an uptrend during April

Ethereum price has tailwinds from Thursday still supporting its price action as investors do not have much to worry about going into the weekend. With a light economic calendar and a fair few tail risks out of the equation, investors have added cryptocurrencies to their positions in the past 24 hours. As a result of this momentum is growing for bulls to regain control of some elementary levels.

ETH price will be able to quickly cover ground towards $3,391.52 as more demand comes in from bulls, leading to a quick punch through the $3,391.52 resistance level. Another $100 jump is possible if the Nasdaq can add a tailwind to cryptocurrencies and equities can eke out gains for the week. That would translate into an ETH price of $3,520, turning the 200-day SMA into support, which is vital if investors want to see an uptrend materialising.

ETH/USD  4H-chart

The biggest tail-risk comes over the weekend with the French presidential elections, where Le Pen has gained ground to the detriment of Macron, who is hanging onto slim gains. A shift to the right could be a game changer for the EU, as Le Pen has already said she wants less EU involvement in the economy and policy going forward. Expect to see a nervous market reaction on Sunday night should Marine Le Pen win the first round of elections, with price action slipping back towards $3,160.