On Wednesday, Ethereum (ETH) received support from the $2,871 level. Since then, Ethereum price has increased more than 9% and shows signs of wanting to go further.
At the time of writing, the price is moving towards the 100-day Simple Moving Average (SMA) and the downtrend line, in both the 4-hour and 1-day timeframes. ETH price is currently trading around $3,116 and is up about 0.47% over the past 24 hours.
A closer look at the Ethereum chart with technical indicators
100-day simple moving average and trend line: As can be seen in the image below, although ETH price is currently moving towards the 100-day simple moving average and downtrend line, it is still trading below these two indicators. This means that at a certain point, Ethereum price could reverse and continue moving in a downward direction.
ETH/USDT Daily Chart | Source: TradingView
RSI: The relative strength index (RSI) has made a higher low but remains below the 50 level, showing that although the bearish momentum has weakened, the bulls have not regained control.
4-hour MACD indicator: After carefully looking at the MACD indicator in the 4-hour time frame, it can be seen that the MACD histogram has moved above the zero line. Additionally, the MACD line and the signal line have crossed each other and are heading towards the zero line. This shows that the upward price movement can be maintained until a possible reversal.
Important levels
Based on Ethereum's previous movement, there are two resistance levels at $3,250 and $3,355 and support at $2,819. As Ethereum price is on the rise, if it manages to clear the $3,250 resistance level, it could continue further towards the $3,355 resistance level.
Conversely, if Ethereum fails to break the nearest resistance, it could drop to the previous support at $2,819. If ETH succeeds in breaching this support level, it could fall further to set new lows.
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