Ethereum price analysis shows a bullish trend taking shape as the price has surged more than 6 percent in the past 24 hours. Ethereum’s price is trading around $1,988 after successfully establishing support at $1,871. The market sentiment shifted from bearish to bullish over the past two days, indicating that bulls have taken control of the market.
Despite the strong bullish trend, Ethereum price analysis also reveals that there is still a lot of resistance ahead for ETH. The nearest resistance level is located at around $1,998 and if bulls break it then they could push the price toward the next major level of $2,000. However, if the bulls fail to break this level then we could see a pullback in Ethereum’s price.
Meanwhile, data from CoinMarketCap shows Ethereum’s 24-hour trading volume has risen to $9.36 billion. This strong buying pressure indicates that traders are confident in Ethereum’s near-term prospects. The market capitalization has increased significantly to $239 billion, placing it in second position among all crypto assets, gaining 6.14 percent in the last 24 hours.
Ethereum price analysis 24-hours price chart: ETH to continue upside
The 1-day Ethereum price analysis shows ETH is in bullish momentum, as the cryptocurrency is trading above $1,900. The market has traded in a range-bound of $1,871 – $1,998 manner over the last 24 hours, with more buying pressure pushing buyers higher. The previous week the bearish momentum pulled the price down below $1,850, however, the buying pressure has pushed Ethereum back towards $2,000.
Buying pressure is now greater than selling pressure in the ETH market, as shown by the Relative Strength Index (RSI) crossing over its signal line at 58.68. The 50-day MA and 20-day moving average have also crossed over, indicating a strong bullish sentiment in the Ethereum market. Currently, the moving average indicator is currently $1,895, which is indicating a strong bullish signal. The moving average convergence divergence (MACD) is also bullish, as the MACD line has crossed above the signal line.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis chart shows the price is going high once again as the bulls have gained back their momentum during the past couple of hours. The ETH/USD price is settled at $1,988 and is expected to increase further in the coming hours. A swing high towards $1,998 was also observed at an instance, but resistance is also quite strong at that level.
The moving average indicator on the hourly chart is also bullish, as the moving average set at the 20-hour mark is trending above the 50-hour MA. The RSI indicator has moved far up to 73.52, indicating that buyers may remain in control of the market for some more time. Moreover, the Moving Average Convergence/Divergence (MACD) is also in favor of bulls as they indicate a strong bullish movement. The histogram is also in positive territory and the MACD line has moved above the signal line. All these technical indications suggest that Ethereum could continue its bullish momentum in the near future, with a potential target of $2,000 before any major pullback takes place.
Ethereum price analysis conclusion
The Ethereum price analysis suggests the trend for ETH/USD has been bullish for the day as the bulls are trying to find recovery after a long period of loss. The cryptocurrency’s performance has been good for the last 24 hours, as the price has leveled up again as it has successfully reached the $1,988 position. The bullish momentum is expected to intensify in the coming hours, and we expect ETH to retest the $1,998 resistance again in the next 24 hours.
