Ethereum price analysis shows a strong bullish trend in the past few days as ETH has managed to move back toward a high of $2,074. The strong bullish momentum is expected to continue and take Ethereum up to reclaim its previous highs. The previous week the ETH token was trading within a range of $1,800 and $1,900 level, however, the buying pressure increased significantly over the past few days and pushed ETH past above the $2,000 level.
Ethereum price analysis 24-hour chart: Bullish rally takes the ETH up to $2,074
The 24-hour chart for Ethereum shows a strong uptrend with ETH price breaking out from the $2,002 support level. The token is currently being traded at $2,074, with a surge of +3.15 percent, and is expected to move back above its previous high of $21,126 resistance level which was texted in the last few hours when bullish momentum took over and pushed the price up.
The trading volume for ETH has also increased over the past few days, reaching $15 billion which is much higher than its previous level. The market capitalization of Ethereum has also increased by 2.89 percent in the same time frame and is currently standing at $249 billion, indicating a strong bullish trend.
The RSI indicator is also showing a strong uptrend with a value of 73.52, indicating that ETH might move up even further in the coming days if buying pressure remains intact. The MACD line is also supporting the uptrend as it has crossed over from below to above the signal line, which is a positive indication for the long-term trend. The moving average indicator in the daily chart is also showing a good trend with price above all the MA lines.
Ethereum price analysis 4-hour price chart: ETH gains bullish momentum
The four hours Ethereum price analysis is showings signs of a solid bullish trend, as the price has increased significantly. If bulls manage to keep up the momentum, ETH could rally above $2,126 and move toward $2,200. A strong support level is present at around $2,126 which could limit the upside potential of the crypto asset, and if bears take over the market we could see ETH drop back down to the $2,002 level.
The RSI indicator is also rising and is currently at 69.93 which shows that there is still some room for upside potential in the near term. The MACD line has crossed above 0 indicating a strong buy signal, with the histogram widening with green bars. The moving average indicator also shows a good uptrend as the four-hour candle is clearly above all MA lines at $2,054, indicating that ETH could move up further in the coming days.
Ethereum price analysis conclusion
Ethereum price analysis shows that the market has followed an upward trend for the day. The price improved considerably and is now touching the $2,074 high. The strong bullish momentum is likely to continue and take the crypto up to reclaim its previous highs. However, buyers should remain cautious as there is a strong support level of $2,126 which could limit Ethereum’s upside potential. Nevertheless, it looks like ETH will continue to move higher in the near term with some minor corrections.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
