As a researcher with extensive experience in analyzing cryptocurrency markets, I find Ethereum’s recent price action intriguing. After a significant rejection at the resistance level of $2,871 on Wednesday, ETH has gained over 9% and is showing strong signs of continuing its upward movement.
On Wednesday, Ethereum‘s native token, ETH, encountered a notable rejection at the resistance point of $2,871. Following this setback, Ethereum’s price has surged by more than 9%, indicating a strong possibility of continued upward momentum.
As a crypto investor, I’m observing that at the present moment, the Ethereum (ETH) price is exhibiting robust upward momentum towards the 100-day Simple Moving Average (SMA) and the trendline on both the 4-hour and daily charts. The ETH price hovers around $3,116 and has inched up by approximately 0.47% within the last 24 hours.
A Further Look At The Ethereum Chart With The Following Technical Indicators
As a crypto investor, I’m closely monitoring the price action of Ethereum (ETH) displayed in the chart below. Currently, ETH is trending towards my 100-day simple moving average and the corresponding trendline. However, it’s important to note that the price has yet to cross above these crucial indicators. Consequently, there is a strong possibility for Ethereum to experience a potential reversal and resume its bearish trend if the price fails to break through these levels.
The RSI indicator, when consulted alongside the chart, reveals that its signal line now hovers above the 50 mark. This robust signaling implies a possible upward trend for the price, as depicted in the graph.)
In examining the MACD indicator over the past 4 hours, it is noticeable that the MACD histogram has risen above the zero mark. Additionally, the MACD line and signal line have intersected and are currently trending toward the centerline. This indicates a possible prolonged price surge upwards until a potential shift in direction occurs.
Final Thought On ETH Movement
According to Ethereum’s historical price trends, there are two hurdles for the cryptocurrency at $3,250 and $3,355 that have acted as resistance points in the past. Meanwhile, a support level can be found at $2,819. If Ethereum’s price continues to climb, it could challenge the resistance of $3,250, potentially leading the way to reach the next resistance point at $3,355.
If Ethereum is unable to surpass its previous resistance level, it could instead retreat and potentially drop back towards its prior support level at $2,819. Conversely, if Ethereum manages to break through this support level, it may continue falling to set a new lower price point.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- OSMO PREDICTION. OSMO cryptocurrency
2024-05-04 19:46