Ethereum (ETH) Showcases Remarkable Resilience, Rebounds Powerfully Post $2,871 Support Rejection

  • On Wednesday, Ethereum’s native coin, ETH, experienced a significant rejection at the resistance level of $2,871, but has since shown a strong upward movement of over 9%.
  • At the time of writing, ETH is trading around $3,116, up by 0.47% in the last 24 hours, and is showing signs of moving further upward towards the 100-day Simple Moving Average (SMA) and the trendline.
  • Technical indicators such as the 100-day moving average, the trendline, and the Relative Strength Index (RSI) suggest that the price of ETH might continue to move upward.

Ethereum’s ETH shows strong upward movement, trading around $3,116. Technical indicators suggest further upward movement.

Technical Indicators Point to Continued Upward Movement

Despite a significant rejection at the resistance level of $2,871, Ethereum’s native coin, ETH, has shown a strong upward movement of over 9%. Currently trading around $3,116, ETH is showing signs of moving further upward towards the 100-day Simple Moving Average (SMA) and the trendline. This upward movement is evident in both the 4-hour and the 1-day timeframe.

100-Day Moving Average and Trendline

Although ETH is currently moving towards the 100-day SMA and the trendline, it is still trading below these two indicators. This suggests that at a certain point, ETH could reverse its upward movement and continue to move towards the downside.

RSI Indicator

The Relative Strength Index (RSI) shows that the RSI signal line is trending above the 50 line. This strongly indicates that the price of ETH might continue to move upward.

4-Hour MACD Indicator

The MACD histogram in the 4-hour timeframe has moved above the zero line. Additionally, the MACD line and the signal line have crossed and are heading towards the zero line. This suggests that there may be sustained upward price movement until a potential reversal.

Potential Resistance and Support Levels

Based on Ethereum’s previous movement, there are two resistance levels at $3,250 and $3,355, and a support level at $2,819. If ETH manages to break above the resistance level of $3,250, it might continue to move even further towards the $3,355 resistance level. On the contrary, if ETH fails to break its previous resistance level, it might reverse and start a move downward towards its previous support level of $2,819. Should ETH breach this level of support, it may descend even further to establish a new low.

Conclusion

Ethereum’s ETH is showing a strong upward movement, trading around $3,116. Technical indicators such as the 100-day moving average, the trendline, and the RSI suggest further upward movement. However, potential resistance and support levels should be closely monitored for signs of a reversal.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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