Despite not showing strong movements, Ethereum (ETH) continues to rise this Tuesday (30), with its price rising 1.4% on the day.
With this, ETH remains above the $2,600 level. But for how long?
Ethereum em high
The 4-hour chart confirms Ethereum’s bullish trend. This is visible from the crossover of the exponential moving averages (EMA), as the 9-period EMA (blue) is above the 21-period EMA (orange). Furthermore, both are acting as support.
Another positive factor is the test of the 0.382 Fibonacci retracement level of the last upward move at $2,603, which was tested and confirmed as support.
Ethereum (ETH) chart on TradingView
Therefore, it is possible that the cryptocurrency's price will continue towards its last macro high, at US$ 2,771. However, there are some signs that could put this scenario in check.
Signs to watch out for
Firstly, the last closed candle, as you can see in the image above, was bearish and formed a shooting star pattern. This candle pattern is known to anticipate price drops.
Additionally, the Relative Strength Index (RSI) has formed a bearish divergence on the 2-hour chart. A bearish divergence on the RSI occurs when an asset's price is rising, but the RSI starts to fall, forming lower highs while the price makes higher highs.
This type of divergence suggests that buying pressure may be weakening and that the price may be close to a correction or downward reversal.
Ethereum (ETH) Chart on TradingView
Therefore, the $2.7K and $2.6K levels are worth watching. While the former indicates that Ethereum will aim for even higher highs, falling below the latter could suggest a drop to $2,550.
The article Ethereum (ETH) Forecast: How Can the Price Behave Today? was first seen on BeInCrypto Brazil.
