Ethereum price analysis supports the buyers as the price covered an upward movement in the last 24 hours. This is further indicated by the one-day price chart, where the price just crossed the resistance present at $1,563. The bulls have been reigning in the market for the past few days, and a consistent bullish trend has been followed by cryptocurrency. Currently, the circumstances seem favorable for the bulls, and a strong uptrend is happening.
The 24-hour trading volume of Ethereum is close to $31 billion, and the total market capitalization stands above $187 billion. The recent bull rally has been supported by a strong uptrend in the past month. As per analysis, Ethereum crossed an important resistance level of $1,563, which can be seen as a major hurdle in the bullish run.
ETH/USD 1-day price chart: Upside continues as price targets next aim above $1,563
The one-day Ethereum price analysis is showing a strong bullish trend for the day as the buying momentum seems to be intensifying. Green candlesticks are marking the one-day ETH/USD price chart, which is indicative of an increasing trend. Currently, the coin value is $1,535, and it is highly expected that it will reach a higher goal in the upcoming days. The selling pressure is currently low, and this is also giving a boost to the bulls. The cryptocurrency has gained by more than 8.95% in the past 24 hours, and it could sustain this momentum if the buying pressure is maintained. The moving average (MA) is now standing at $1,362, and this could be seen as an entry point for the buyers.
ETH/USD 1-day chart: TradingView
The technical indicators are also supporting the bullish trend and an uptrend in Ethereum price analysis. The MACD levels on the daily chart are rising as well, which is a sign of increasing buying pressure. Moreover, the MACD histogram is also positive, indicating that a Bullish sentiment is prevailing in the market. A crossover between SMA 20 and SMA 50 curves is taking place, which is a huge bullish indication and a great accomplishment for buyers. The Relative Strength Index (RSI) graph shows an upward curve as the score just heightened up to 63.26.
Ethereum price analysis 4-hour chart: Bullish momentum surging up
The hourly Ethereum price analysis favors the buying side as well, as a strong rise in ETH/USD value has been detected in the past few hours. The bulls have taken over the market and have uplifted the price level to $1,535, despite the fact that the price breakout was downwards at the start of the previous day at the $1,404 mark. The 20-day Exponential Moving Average (EMA) is now standing above the 50-day Simple Moving Average (SMA) curve and both are advancing upwards in accordance with the up-trending trend.
ETH/USD 4-hour chart: TradingView
The Relative Strength Index (RSI) graph is also showing a bullish surge as the reading went beyond 76.02. The MACD indicator is also positive as the bar histogram and line both are above 0.00, representing a strong buying pressure in the market. At the same time, the price crossed the moving average (MA), i.e., $1,474 due to the bullish trend.
Ethereum price analysis conclusion
The overall analysis of Ethereum price analysis is reflecting a bullish trend in the market as the buying pressure is intensifying. The technical indicators and moving averages are both indicating an uptrend, which is further supported by a surge above the $1,563 resistance level. With strong buying momentum prevailing in the market, it could be expected that Ethereum will continue to rise in the near future. However, traders should keep an eye on the market movements and look for any signs of a reversal to protect their investments.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
Leave a Reply