Ethereum price analysis shows a bullish trend as ETH/USD continues to trade above $1,700. The digital asset has broken and seen a series of higher highs and lows indicating bullish momentum. Ethereum is currently trading at $1,734 after gaining 1.36% in the last 24 hours showing continuous strength. The key support level to watch for ETH/USD is the $1,700 level. ETH needs to stay above this point if it wants to maintain its bullish momentum.
The immediate resistance for Ethereum is at the $1,750 level. If ETH/USD breaks above this point then we can expect a surge toward $1,800 in the short term. On the downside, if Ethereum fails to break above the $1,750 level then it could face a pullback toward $1,700 and $1,650. Overall the Ethereum price analysis shows a bullish trend with ETH/USD trading above $1,700.
ETH/USD 1-day price chart: Green candlesticks sail past the ongoing Bearish progression
The 1-day price chart for Ethereum price analysis shows the cryptocurrency value is going towards the bullish side today. There has been a huge momentum built from the side of Bulls in the last week, after which almost equal efforts of bears were also spotted. The 24-hour trading volume for ETH/USD is $7,572,393,101, while the market cap stands at $212,381,188,639 with a gain of 1.66 percent indicating more buyers entering the market.
Looking at the technical analysis of the 24-hour and hourly timeframes, it appears that the short-term momentum is still overwhelmingly bullish. However, with RSI indicators at 53.70, we could expect some kind of a small retracement in the short term – which might be necessary for fresh buyers to enter the market and keep pushing prices higher. The MACD indicator is still showing an uptrend, with the signal line above the MACD line. The Awesome Oscillator is also positive and shows that market momentum has been increasing in favor of the bulls. The moving average indicator is currently at the $1,758 level – which could act as a pivot for Ethereum to break the $1,750 resistance level and keep its bullish momentum.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour price chart for Ethereum price analysis shows a strong overtake from the bulls, which stopped the bears from going any further. The momentum has been relatively stronger, as the price has immediately increased to $1,738 after a significant rise. Still, the coin value is way above the moving average, which is going at $0.145 for the time being.
The Moving average converge/divergence (MACD) indicator is still showing a bullish signal with increasing histogram bars – which implies that the bulls are overpowering in this recent market. The Relative Strength Index (RSI) is also above the 46.72 level and rising, showing that the current trend is mostly up. The SMA 200 is also above the current price, which could add an extra layer of support – hence preventing a massive pullback while the Exponential Moving Average (EMA) 10 is above the EMA 50, which suggests that an uptrend could still be sustained in the near future.
Ethereum price analysis conclusion
From the above Ethereum price analysis, it can be observed that the bulls are taking the lead as a majority. More buyers are entering the market and increasing the current price levels, which have been safely maintained for the past few weeks. The resistance at $1,750 has to be broken for ETH/USD to gain further momentum. On the downside, the support at $1,699 is pivotal and strong enough to prevent pullbacks.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
