Wednesday witnessed a push by Ethereum’s native token, ETH, towards the $2,871 resistance level. However, in a surprising turn of events, the price rebounded by more than 9%, instilling optimism among investors. Presently, the price is exhibiting a positive trajectory towards the 100-day Simple Moving Average (SMA) and trend line in both the 4-hour and daily time frames.
Analyzing the Ethereum chart, the image below illustrates the movement of today’s ETH price towards the 100-day simple moving average and the trend line. Notably, ETH’s price continues to trade below these two indicators, potentially indicating a downward trend and the continuation of a bearish movement.
Furthermore, the Relative Strength Index Indicator (RSI), a closely monitored tool by investors, reveals that the RSI value remains above the neutral 50 zone. This suggests that the price surge may persist.
Digging deeper, an examination of the MACD indicator in the 4-hour time frame reveals that the MACD is currently above the zero line. Moreover, the MACD line and the signal line are converging, moving towards the neutral zone. This situation hints at a possible price movement, signaling the initiation of an upward trend.
Considering Ethereum’s historical price movements, two resistance levels stand at $3,250 and $3,355, with a robust support level at $2,819. A breakthrough above the $3,250 resistance level could prompt a more substantial upward movement towards the second resistance level at $3,355.
However, failure to breach the existing resistance and a subsequent decline may result in a downward movement towards the previous support level at $2,819. Should this support level be breached, new lower levels may emerge for investors.
At the time of writing, ETH is attracting buyers at the $3,140 level and has experienced a 1.32% increase in the last 24 hours.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
