Ethereum price analysis is highly bullish for today as the buying momentum has been continuously growing today. The bulls and the bears have been in a battle and the Ethereum price has been increasing steadily. ETH/USDT pair is currently trading at $1,695 and is making a strong move towards the next resistance level at $1,716, if it manages to break above this level, then it might reach as high as $1,750.
Cryptocurrencies price heat map, Source: Coin 360
The bullish momentum is primarily driven by the increase in the volume of trading and demand for ETH tokens. According to data from CoinMarketCap, the 24-hour trading volume of the crypto is currently at $6.67 billion, while the market cap for the coin stands at around $207 billion.
ETH/USD 1-day price chart: Ethereum bulls target the next resistance at $1,716
The 1-day price chart for Ethereum price analysis shows that the coin is covering the range upwards at a good pace as the price has reached up to the $1,695 level at the time of writing. The crypto pair has gained a value of 0.05 percent over the last few hours with the bears trying to keep a lid on the price. However, if bearish success, Ethereum could see a drop to the $ 1,640 level before it attempts another upward push.
ETH/USD 1-day price chart: TradingView
The MACD indicator indicates an emerging bullish trend in the market as the blue line is above zero and has crossed over with the red line which is moving upwards. The RSI is currently transacting in positive territory and stands at $61.91 which is indicating that there is room for more upside in the price of Ethereum. The 50-day moving average and 200-day moving average are also in line with the overall bullish trends seen in the Ethereum price analysis.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis shows that the ETH/USD is on an uptrend continuously from the last few hours, slightly correcting earlier. Overall the uptrend is steady with small increments in price followed by very few corrections in between, but yet no high spike in price has been observed.
ETH/USD 4-hour price chart: TradingView
The Technical indicator MACD shows the occurrence of a bullish crossover on the hourly chart due to which the histograms have turned green. The RSI is also indicating a bullish trend as it has crossed the value of 50 and stands at 53.92 which indicates that buying pressure is increasing in the market. The moving average indicator is currently transacting in the positive zone and indicating that the price of the coin is currently on an uptrend at the $1,591 level.
Ethereum price analysis conclusion
Overall, Ethereum price analysis shows that ETH/USD is in an uptrend and may reach the next resistance of $1,716 before it retraces back down. The bulls are dominating the market at the moment and if they continue to do so then we can expect more upside momentum in the price of Ethereum.
