On Wednesday, Ethereum’s native token ETH made a move towards the $2,871 resistance level, causing a slight decline in price. However, the cryptocurrency quickly rebounded, experiencing a significant recovery of over 9%. This recovery has given investors renewed hope.
Currently, the price of ETH is showing a positive movement towards the 100-day Simple Moving Average (SMA) and trend line in both the 4-hour and daily time frames. However, it is important to note that ETH is still trading below these two indicators, suggesting a potential downward trend in price.
The Relative Strength Index Indicator (RSI), a key tool used by investors, is showing that the RSI value remains above the neutral 50 zone. This indicates that the price increase may continue.
In terms of technical indicators, the MACD indicator in the 4-hour time frame is also showing positive signs. The MACD line is above the zero line and the MACD line and signal line are intersecting, moving towards the neutral zone. This suggests a potential upward price movement.
Looking at Ethereum’s past price movements, there are two resistance levels at $3,250 and $3,355. If the price of ETH breaks above the $3,250 resistance level, it could potentially lead to a larger movement towards the second resistance level at $3,355. On the other hand, if Ethereum fails to break the resistance and starts to decline, it could move towards the previous support level at $2,819.
As of now, ETH is finding buyers at the $3,140 level and has seen 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 risks associated with cryptocurrencies and should conduct their own research.