Ethereum (ETH) rose again this Friday (11), with projections for the rest of the day being optimistic so far.
With a 1.9% increase in 24 hours, ETH appears to have resumed its bullish momentum. After flipping the $2,400 level into support again, can the asset now seek new highs?
Ethereum's high recovery
The 4-hour chart shows that Ethereum has been in an uptrend since it formed a low at $2,330 on Thursday (10). Since then, its price has risen 4.5%.
It is worth noting that this rally was preceded by the Relative Strength Index (RSI), which formed a bullish divergence with its last two bottoms. Furthermore, the indicator is bullish, crossing above the neutral zone of 50 – which shows that buyers have taken control of the market.
Furthermore, the 9-period exponential moving average (EMA) (blue) is close to crossing above the 21-period EMA (orange). If this indeed happens, it would be a huge bullish sign as it would indicate that the altcoin is trading at higher levels in the near term.
Ethereum (ETH) chart on TradingView
Read more: Ethereum ETFs – Understand what they are and how they work
With this, everything indicates that the price should continue to rise until the top of US$ 2,460, and could reach US$ 2,500 if it breaks this level. On the other hand, if sellers regain control of the trend, ETH could experience a fall to the bottom of US$ 2,330.
The article Ethereum (ETH) Forecast: How Can the Price Behave Today? was first seen on BeInCrypto Brazil.
