ETHUSDT is currently advancing towards the $2,440 resistance level. Should it succeed in closing a daily candle above this mark, it could lay the groundwork for a potential rise to $2,685 in the upcoming days.Conversely, if ETH faces rejection at the $2,440 resistance level or dips below the $2,295 support, this bullish narrative might be negated. In such a case, ETH could be at risk of a downward correction towards the $2,145 support level in the short term.
Technicals Suggest the Ethereum Price Will Rise More
However, technical indicators on ETH's daily chart are leaning towards a bullish perspective. The Moving Average Convergence Divergence (MACD) has recently indicated a bullish signal. In the last 24 hours, the MACD line has risen above the MACD Signal line, suggesting a continuation of the upward trend.
Furthermore, the Relative Strength Index (RSI) demonstrates that buyers are currently dominating sellers. This is evident as the RSI maintains a positive slope above its Simple Moving Average (SMA) line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.