Ethereum price analysis for today shows ETH price has been on an impressive run lately, with the second-leading cryptocurrency trading at around $1,322.66 at the time of writing. Over the past 24 hours, ETH has gained 5.65 percent in the last 24 hours. Ethereum closed yesterday’s trading session at $1,241.45.
Cryptocurrency heat map. Source:Â Coin360
The recent breakout above $1,300.0 has been a significant milestone for Ethereum as it is now trading above the previous key resistance level.
The volume of Ethereum has also seen a strong surge in the past 24 hours, increasing by 75 percent. The trading volume is currently at $8,700,336,624 and this is an indication of bullish sentiment in the market.
ETH/USD price analysis on a 4-hour chart: ETH forms a bullish pattern
The 4-hour Ethereum price analysis reveals ETH is currently in a strong uptrend with a series of higher highs and higher lows. The price is currently trading above the 50-period Moving Average (MA) and the 20-period MA. The Relative Strength Index (RSI) is trading at a very bullish level of 70.4, indicating that there is still room for further upside in the price before it reaches overbought levels.
ETH/USD 4-hour chart, Source:Â TradingView
The Fib Retracement levels indicate that the ETH/USD pair has strong support at the 38.2 percent level, which is currently at $1,225.0, and resistance at the 50.0 percent level, which is currently at $1,400.0. The next major resistance level is located at the 61.8 percent Fibonacci Retracement level, which is currently at $1,500.0.
ETH/USD 1-day chart analysis: ETH remains firmly in the bulls’ grip
The daily chart of Ethereum price analysis reveals that ETH is trading above all major support levels. The price has broken out from a symmetrical triangle pattern and is currently trading above the 38.2 percent Fibonacci retracement level at $1,310.0. The MACD is printing a bullish crossover and is currently in positive territory. The RSI is trading near overbought levels at 58.
ETH/USD 1-day chart, Source:Â TradingView
The Stochastic RSI is also in bullish territory and the latest crossover suggests further upside in the price. The next major resistance level to watch out for is $1,500.0.
Ethereum price analysis conclusion
Overall, the Ethereum price analysis suggests that ETH is in a strong uptrend and is likely to continue its impressive performance in the near term. If the bulls can break above $1,500.0, ETH could potentially extend its rally toward the all-time high of $2,047.00.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
