On Wednesday, the price of Ethereum’s native token ETH made a push towards the $2,871 resistance level. However, Ethereum’s price experienced a significant recovery of over 9% following this decline, which brought hope to investors. Currently, the price is showing positive movement towards the 100-day Simple Moving Average (SMA) and trend line in both the 4-hour and daily time frames.
Taking a look at the Ethereum chart, we can see that the ETH price is moving towards the 100-day simple moving average and the trend line. However, it is important to note that the ETH price is still trading below these two indicators, indicating a potential downward trend and continuation of the downward price movement.
Investors closely follow the Relative Strength Index Indicator (RSI), and currently, the RSI value is staying above the neutral 50 zone. This suggests that the price increase could continue.
Examining the MACD indicator in the 4-hour time frame, we can observe that the MACD is above the zero line. Furthermore, the MACD line and the signal line are intersecting, moving towards the neutral zone. This situation indicates a potential price movement, implying that an upward price movement could be on the horizon.
In terms of the price of one Ethereum, there are two resistance levels at $3,250 and $3,355, while a strong support level exists at $2,819. If Ethereum’s price manages to break above the $3,250 resistance level, it could potentially make a larger movement towards the second resistance level at $3,355. On the other hand, if Ethereum fails to break the existing resistance and starts to decline, it could move towards the previous support level at $2,819. If this support level is breached, new lower levels could become apparent for investors.
At the time of writing, ETH is finding buyers at the $3,140 level and has experienced a 1.32% increase in the last 24 hours.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
