On Wednesday, Ethereum‘s native token ETH moved towards the $2,871 resistance level. Following this decline, Ethereum’s price experienced a significant recovery of over 9%, giving investors hope. As of writing, the price shows a positive movement towards the 100-day Simple Moving Average (SMA) and trend line in both the 4-hour and daily time frames.
A Look at the Ethereum Chart
As seen in the image below, today’s ETH price is moving towards the 100-day simple moving average and the trend line. ETH price continues to trade below these two indicators.
This could reflect a potential downward trend in Ethereum’s price and the continuation of a downward price movement.
Additionally, based on the Relative Strength Index Indicator (RSI) closely followed by investors, the RSI value continues to stay above the neutral 50 zone, indicating that the price increase could continue.
Finally, a close examination of the MACD indicator in the 4-hour time frame shows that the MACD is above the zero line. Also, the MACD line and the signal line are intersecting, moving towards the neutral zone.
This situation indicates a potential price movement, suggesting that an upward price movement could begin.
How Much is One Ethereum?
Looking at Ethereum’s past price movements, there are two resistance levels at $3,250 and $3,355, while a strong support level exists at $2,819.
If Ethereum’s price moves upward and potentially breaks above the $3,250 resistance level, a larger movement towards the second resistance level at $3,355 could be seen.
Conversely, if Ethereum cannot break the existing resistance and starts to decline, a downward movement towards the previous support level at $2,819 could begin. If this support level is breached on the ETH side, new lower levels could appear for investors.
ETH, as of writing, is finding buyers at the $3,140 level and has risen by 1.32% in the last 24 hours.
