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.
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