Key Points
On Wednesday, the native coin of the Ethereum blockchain, ETH, faced a significant rejection at the resistance level of $2,871.
Despite this setback, Ethereum’s price has seen a significant upward movement of over 9% and continues to show signs of further increase.
At the time of writing, the price is still showing strong signs of moving upward.
This is evident in both the 4-hour and the 1-day timeframe towards the 100-day Simple Moving Average (SMA) and the trendline.
The price of ETH is currently trading around $3,116 and has increased by about 0.47% in the last 24 hours.
Technical Indicators and Ethereum’s Price
The 100-Day Moving Average and Trendline indicate that although the price of ETH is currently moving toward these two indicators, it is still trading below them.
This suggests that at a certain point, the price of Ethereum could make a possible reversal and continue in its movement toward the downside.
The Relative Strength Index Indication (RSI) shows that the RSI signal line is trending above the 50 line.
This strongly suggests that the price might still move upward.
After a close look at the MACD indicator in the 4-hour timeframe, it is seen that the MACD histogram has moved above the zero line.
Also, the MACD line and the signal line have crossed and are heading toward the zero line.
This suggests there may be sustained upward price movement until a potential reversal.
Based on Ethereum’s previous movement, there are two resistance levels of $3,250 and $3,355, and a support level of $2,819.
As the price of Ethereum is moving upward, if it manages to break above the resistance level of $3,250, it might continue to move even further toward the $3,355 resistance level.
On the contrary, if Ethereum fails to break its previous resistance level, it might reverse and start a move downward toward its previous support level of $2,819.
Should ETH succeed in breaching this level of support, it may descend even further to establish a new low.
