Per technical charts, Ethereum’s price is hovering just above the 9-day Simple Moving Average (SMA) of $3,166.96, indicating that Ethereum is attempting to maintain its recent bullish momentum. The second-largest crypto is testing the upper part of its range, and its ability to hold above the SMA level could signal further upward movement.
The Relative Strength Index (RSI) is currently at 53.88, suggesting that Ethereum is neither overbought nor oversold, providing room for potential price action in either direction.With the RSI hovering just above the neutral 50 mark, Ethereum appears to be in a consolidation phase, waiting for further momentum. If the RSI continues to move higher, it could signal that Ethereum is gearing up for a breakout, potentially targeting the next resistance zone.
The MACD (Moving Average Convergence Divergence) indicator also shows a positive value of 53.36, with the MACD line above the signal line, suggesting bullish momentum. The histogram is also in the positive, showing a growing buying interest. This, combined with the RSI’s neutral reading and the price’s position above the SMA, points to a potential upward move if Ethereum can break through its immediate resistance levels like $3,600. However, if the price falls back below the 9-day SMA, it could indicate a retreat toward lower support levels.
