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- Ethereum must break this trend line to achieve a rebound in the new year:
Ethereum faces resistance from the upper trend line connecting its highs on October 7 and December 10. As of this report, Ethereum's price hovers around $3000 on Wednesday, maintaining a 1.22% gain from the previous day.
If the leading altcoin breaks above the trend line, it may encounter resistance near the 50-day exponential moving average at $3120, followed by the R1 pivot point at $3177.
The Relative Strength Index (RSI) remains slightly below the midline at 47, as buyers struggle to overcome selling pressure. However, the MACD indicator's bullish divergence from the signal line after Saturday's crossover supports a buy signal.
ETH/USDT daily price chart.
On the other hand, the support level at $2783, last tested on December 18, could serve as a key support before the November 21 low at $2623.