Ethereum price analysis shows that the bulls have been able to push Ethereum (ETH) above the $1,670 level again after some consolidation. The bulls have successfully maintained their stronghold and made sufficient gains during the past week. The price has also increased considerably during the last twenty-four hours and is now at the $1,671 mark and is up 5.57% from yesterday’s closing value of $1,581. The past few hours have been highly encouraging for buyers as the price glided past the $1,670 level. The trend has been continuous for today as well, as the bulls extend their influence.
Cryptocurrencies price heat map, Source: Coin 360
The buying pressure continues to remain strong, suggesting that the bulls are here to stay. Ethereum’s market cap is now close to $203 billion and its volume traded in the last 24 hours is at an all-time high, amounting to over $10 billion. The next key resistance level is expected at a price of around $1,700. If the bullish momentum continues, then ETH could break through this price point and move even higher.
ETH/USD 1-day price chart: Bulls struggle to make a breakthrough above the $1,670 level
The 1-day Ethereum price analysis shows the price has increased significantly today as the bulls regained control at the $1,671 mark. The price has been hovering around this level for days now, but it seems as though buyers are not able to take control of the situation. If they manage to break through and hold onto their gains, then ETH/USD could see some massive growth over the coming days.
ETH/USD 1-day price chart: TradingView
The ETH/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls, as the price has been making steady gains over the past week. The MACD also appears to be inching towards a bullish crossover, which could push Ethereum’s price up even further.
The Relative Strength Index (RSI) is at 66.85, signifying a stable cryptocurrency market. The RSI is a momentum indicator that helps determine the direction of a market, so ETH/USD appears to be showing signs of stability at the moment.
Ethereum price analysis 4-hour chart: ETH/USD continues to move within the $1,566 – $1,689 range
The 4-hour Ethereum price analysis shows a stable market as ETH/USD continues to move within the $1,566 – $1,689 range. The downtrend that was active on the previous day has been broken and ETH/USD appears to be in an uptrend. In four hour time frame the coin price is forming a higher high and higher low price structure. As of now, the ETH coin price had started consolidating near the supply zone.
ETH/USD 4-hour price chart: TradingView
At present, the ETH coin price is trading above the 50 and 100 Moving Averages. The recent rise in the coin price led to the breakout of these important MAs. Moving upwards the coin price can be seen resting at these MAs. The MACD also appears to be inching towards a bullish crossover, which could push Ethereum’s price up even further. The histogram is also currently located in the positive region and is displaying a bullish trend. The RSI curve is currently trading at the level of 56.66. RSI is yet to break out of the equilibrium zone.
Ethereum price analysis conclusion
Overall, Ethereum price analysis shows that the bulls have been able to push Ethereum (ETH) above the $1,670 level again after some consolidation. The buying pressure continues to remain strong and ETH could see some massive gains over the coming days if it breaks through this resistance level.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
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