The Ethereum price analysis reveals that bulls have been pressing the accelerator recently, and the bullish momentum has pushed ETH above its key level of $1,900. The biggest digital asset has been trading at around $1,900 at the time of writing, with a massive gain of 3.45% in the last 24 hours.
The previous resistance has shifted to the support level, thus creating a higher low and suggesting that the price is trying to find its footing. The Support level for the ETH can be seen at $1,837, which was the current level for the token when bearish momentum prevailed. The resistance level that needs to be broken is seen at $1,904, which was the peak of ETH in the past few hours.
Ethereum price analysis 24-hour chart: Bullish momentum is pushing ETH higher
The 24-hour chart for Ethereum price analysis shows that the bulls have been able to take control of the market and are pushing Ethereum higher. The digital asset has been trading in a range bound of $1,837 and $1,904. The price of the asset needs to break above the resistance level of $1,904 in order to a further above the $1,920 mark, which is the next major resistance level.
The market capitalization for Ethereum is currently at $228 billion, and its total 24-hour trading volume is seen at around $7.27 billion, according to CoinMarketCap, indicating a strong surge in buying pressure.
The technical indicators on the 24-hour chart are giving off a bullish signal as the Relative Strength Index (RSI) is seen at 62.40, and the Moving Average Convergence/Divergence (MACD) shows an uptrend. Additionally, the MACD line is seen above the signal line. The Bollinger bands are indicating a strong rally as both the upper and lower bands have widened. The upper Bollinger band is seen at $1,920, and the lower Bollinger band is seen at $1,707.
Ethereum price analysis: recent developments and further technical indications
The 4-hour Ethereum price analysis suggests that a spike in price levels was observed at the start of the trading section today, and the bullish pressure has been able to sustain itself until now. The price action forms a symmetrical triangle pattern that signals a continuation of the uptrend. The pair has already broken past the upper trend line and currently trading at $1,900, just below the resistance level of $1,904, which needs to be broken in order for a further rally to take place.
The technical indicators on the 4-hour chart are still giving off a bullish signal. The Moving Average Convergence/Divergence (MACD) shows an uptrend and both the MACD line and signal line are above 0. Additionally, the histogram is a green color indicating a rising trend. The Relative Strength Index (RSI) is seen at 66.52, which suggests that the token is close to entering the overbought territory, although it still has some steam left before reaching there.
The Bollinger bands on the four-hour chart are also giving off a bullish signal. The upper and lower bands have widened with the upper band seen at $1,885 and the lower band is seen at $1,833. This suggests that there could be an increase in volatility as the asset moves closer to its resistance level of $1,904.
Ethereum price analysis conclusion
To sum up the Ethereum price analysis, the bulls have been able to take control of the market and are pushing ETH higher. The buying pressure has been increasing, and the current support level is seen at $1,837. The key resistance level to break is seen at $1,904, and if it breaks, then Ethereum can continue its rally higher. Furthermore, the technical indicators show that bullish momentum is still in play, and thus further gains are expected in the near future.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
