On Wednesday, ETH, its native coin, was minted. Ethereum The blockchain experienced significant rejection at the $2,871 resistance level. Following this rejection, the price of Ethereum has shown significant gains of over 9% and is showing signs of rising further.
At the time of writing, the price is still showing strong signs of rising towards the 100-day simple moving average (SMA) and trendline on both the 4-hour and 1-day time frames. The price of ETH is currently trading around $3,116 and is up about 0.47% over the last 24 hours.
Take a closer look at the Ethereum charts with the following technical indicators:
100-day moving average and trend line: As you can see in the image below, ETH price is currently moving towards the 100-day simple moving average. trend line, is still trading below these two indicators. This means that at some point, the price of Ethereum could trigger a reversal and continue moving towards the downside.
RSI Indicator: If you observe the charts using the Relative Strength Index Indicator (RSI), you will notice that the RSI signal line is trending above the 50 line. This strongly indicates that prices may still rise. Seen on chart.
4-Hour MACD Indicator: After taking a closer look at the 4-hour MACD indicator, we can see that the MACD histogram has moved above the 0 line. Additionally, the MACD line and the signal line are crossing and heading toward the 0 line. This suggests that there may be a sustained upward movement until the price rises. potential twist.
Final thoughts on the ETH movement
Based on Ethereum’s previous movements, there are two resistance levels at $3,250 and $3,355, and a support level at $2,819. If Ethereum price rises and is able to break the $3,250 resistance level, it may continue to move further towards the $3,355 resistance level.
Conversely, if Ethereum fails to break the previous resistance level, it could book and initiate a downward move towards the previous support level at $2,819. If ETH succeeds in breaching this level of support, it could fall further and set new lows.
Featured image from iStock, chart from Tradingview.com