Ethereum price analysis shows that the cryptocurrency is going strong with a bullish momentum with the potential of hitting the $1,386 mark in the near future. The support level for ETH/USD is at $1,323, and breaking below this level could increase market volatility. However, the major resistance for this cryptocurrency is at $1,408 and it is likely to be tested in the near future if the bullish momentum continues.
The selling pressure is seen to be weak at the moment, and the buying pressure is strong. This indicates a bullish trend for Ethereum in the short term. The other cryptocurrencies such as Bitcoin, Litecoin, and Ripple are also performing well. The trading volume and the market cap of Ethereum have also increased over the last 24 hours, indicating an increase in demand for this cryptocurrency.
Currently, the 24-hour trading volume of Ethereum stands at $11 billion, while the total market cap stands at $169 billion. There are signs that the bullish momentum could continue, and if this happens, ETH/USD could reach higher levels in the near future.
Ethereum price analysis 1-day price chart: ETH/USD has been steadily increasing over time
The daily price chart for Ethereum price analysis shows that the cryptocurrency has been experiencing a steady increase in value over time. The price is currently sitting at $1,386, with an increase of 4.36% from yesterday’s close. The Ethereum price has been trading in a range between $1,323 and $1,408, with strong support at the lower end of the range. The Moving average of the indicator is present at the $1,306 mark above the price level.
ETH/USD 24-hour chart: TradingView
The 50-day Moving Average (MA) line is at $1,343 and the 200-day MA line is at $1,112. This indicates that the Ethereum price has been in a long-term uptrend. The MACD indicator is also in the bullish territory, indicating that the cryptocurrency could continue to increase in value. The Bolinger Bands are widening, indicating greater volatility in the near term. The upper Band is currently at $1,410 while the lower band is at $1,325.
Ethereum price analysis on a 4-hour price chart: Upside momentum gathers pace
Looking at the hourly chart for Ethereum price analysis, we can see that the price has formed an ascending triangle pattern. This is a bullish pattern that forms when the price is trading between two horizontal resistance and support levels. The ascending triangle patterns are considered to be bullish patterns as they indicate that the bulls are in control of the market
ETH/USD 4-hour chart: TradingView
The Relative Strength Index (RSI) is currently trading at 72.56, which indicates that the market is in a bullish zone. The bulls are in control of the market as the 50-day and 200-day MA lines are trending upwards. The moving average indicator(MA) is at $1,373. This indicates that the price could continue to move higher in the near future.
Ethereum price analysis conclusion
Overall, Ethereum’s price action has been quite strong over the past few weeks. The bullish momentum is likely to continue in the near term as long as the price remains above the support levels. If the bulls can push the price above $1,410, then a further increase in ETH/USD could be seen.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
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