Ethereum, like the rest of the cryptocurrency market, is experiencing a pullback after reaching a new all-time high. The price of Ethereum has been moving downward after setting a new yearly high of $4,094. Currently trading around $3,360, the price is up by 0.64% in the last 24 hours.
Looking at the chart, a support level of $3,067 and a resistance level of $3,681 and $3,591 have been formed. However, more support and resistance levels could be created if the price continues to move downward. The 100-day Moving Average shows the price trading below in the 1-hour and 4-hour timeframes, but not in the daily timeframe.
A technical observation of the chart from the 4-hour timeframe reveals that the price is trending below the 100-day moving average, indicating a downtrend. The Relative Strength Index (RSI) signal line is trending below 50, suggesting a downward trend. The MACD histogram has dropped below the zero line, with both the MACD line and signal line crossing below, indicating a bearish trend with possibilities of further downward movement.
If the price breaks below the support level of $3,067, it could continue to move downward to establish a new support level. On the other hand, if it fails to break below this support level, a price reversal could occur, leading to a fresh upward trend. A break above the resistance levels of $3,681 and $3,591 could signal a continuation of the bullish run.
The current state of Ethereum shows signs of a downward trend, with technical indicators pointing towards further potential downward movement. However, the possibility of a price reversal and a fresh upward trend should not be ruled out. As always, it is important for investors to conduct their own research and make informed decisions when trading cryptocurrencies. Remember that investing carries risks, and it is crucial to use information provided on this website at your own risk.