Ethereum price analysis is in favor of bulls currently since the market is showing signs of a possible breakout. Previously the cryptocurrency was facing loss as the bearish trend was following, but now the circumstances have turned in favor of the bullish side as the price action has been able to reach $1,265 after continuous bullish efforts. However, price oscillations have been slow since yesterday, which hints at a correction to take place as well; nonetheless, bulls also seem determined to keep leading.
The overall market sentiment looks positive as the price action is expected to surge in the near future. Ethereum has been able to overcome the $1,265 level which was a major hurdle that needed to be crossed. This can be done with a surge in buying pressure from bulls, which will eventually push the price higher. The support for the market is at the $1,240 level. The next goal for bulls would be to cross the $1,267 resistance level.
The sustained uptrend is also a sign of growing confidence in Ethereum and other cryptocurrencies. The market sentiment remains bullish, with investors expecting further gains in the price of Ethereum.
ETH/USD 1-day price chart: Bullish trend helps increase coin price to $1,265
The price is going up once again as a bullish trend has been confirmed from the one-day Ethereum price analysis. ETH/USD pair is trading hands at $1,265 at the time of writing after being on an upwards trend steadily since today’s evening. The crypto pair has gained a value of 1.37 percent during the last 24 hours and has gained a value of 6.06 percent over the past week. The trading volume has also increased by 2.79 percent, which is also a contributing factor to the high price oscillation, Additionally, the market cap has increased by 1.37 percent over the past hours.
ETH/USD 24-hour chart: TradingView
The 50-day moving average is also trading above the 200-day moving average which is another sign of a bullish trend. If bulls are able to sustain the uptrend, then Ethereum price can reach new heights in the near future.
The MACD indicator is also on the positive side, indicating that bulls are in control of the market. The RSI indicator is also showing a bullish signal with a value of around 48.46. These indicators suggest that Ethereum’s price is likely to surge further in the near future.
Ethereum price analysis: Support for ETH is seen at $1,240
The four hours Ethereum price analysis is showing signs of strengthening of the bullish momentum as the price underwent further increase during the last four hours. An uptrend has been dominating the charts, as the bulls have been continuously showing their presence on price charts for the last hours after a short correction. Today, the bulls have succeeded in continuing their lead, and all the candlesticks for today are green.
ETH/USD 4-hour chart: TradingView
The moving average value is standing at $1,253 for now. The MACD indicator shows a bullish signal with a signal line of 10.90, and the histogram is also showing a green bar with a value of -0.24. The RSI indicator has also been increasing steadily and is currently at 69.28, which means that bulls still have some strength left in them.
Ethereum price analysis conclusion
Overall, Ethereum’s price is currently on a bullish trend and is expected to continue its uptrend in the near future. The support level for ETH/USD pair is seen at $1,240, and if the bulls are able to sustain their momentum, then the pair can hit new highs in the near future. The indicators are also showing a positive signal, suggesting that the price will continue to increase in the near future.