The recent Ethereum price analysis reveals that the market has been following a bullish trend for the past few days as the bulls have been securing wins consecutively. On the other hand, a correction was also observed earlier today, which was quickly followed by an impressive comeback. The latest uptrend has increased the coin value to $1,697, which shows a promising situation for the buyers.
Cryptocurrencies price heat map, Source: Coin 360
ETH has also witnessed a massive spike in buying volume as the buyers have been trying to push the price up. The trading volume has increased by over 21 percent in the past 24 hours, which is seen at $7.88 billion. The market cap of ETH is also seen increasing and is currently at $207 billion, which reflects a 0.64 percent hike in the last 24 hours.
Most of the cryptocurrencies are in green candle regions and ETH is no exception as the coin price is seen increasing steadily. The buyers are in full control of the market and they have also managed to break through major resistance at $1,716. This shows that the bulls are very confident about their victory and they can target more gains if they secure wins consecutively.
Ethereum price analysis: Bulls mark a 0.07 percent surge at the time of writing
The 1-day Ethereum price analysis suggests a constant upward trend has been going on for the past week, as the buying activity almost reached its peak point. The bulls have been dominating the price chart for the past 24 hours as well, as the price went above the psychological mark of $1,697 at the moment gaining a 0.07 percent surge. The situation is turning more favorable for cryptocurrency buyers, as ETH value is constantly increasing.
ETH/USD 1-day price chart: TradingView
Moving on, the moving average indicator is showing its value at $1,629 at present. The MACD indicator has generated a positive crossover indicating bullishness to continue for some more time. The MACD line has also crossed the signal line, which is again a positive sign for buyers. The RSI is seen at 61.11 which suggests that the coin has entered into an overbought zone and a slight pullback might be observed in the near term.
Ethereum price analysis: ETH gains momentum at $1,697 as bulls rull the market
The 4-hour chart for Ethereum price analysis shows that the buyers have been able to sustain their push above the $1,600 level, with the price forming higher highs and higher lows. The price is now in a much more stable position at $1,697 and is expected to reach a further high point in the next few hours.
ETH/USD 4-hour price chart: TradingView
Technical analysis suggests further upside for ETH as the Relative Strength Index (RSI) is currently trending over a reading of 50 and the line is titling upwards, indicating the market may turn overbought in the near future. The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and the MACD line is consistently above the signal line, highlighting the positive momentum in Nexo’s price. The moving averages are also trending in favor of the bulls, with the 20-period SMA (simple moving average) above the 50-period SMA.
Ethereum price analysis conclusion
From the above discussion, it is evident that the bulls have been successful in breaking through major resistance levels. The Ethereum price analysis shows a positive momentum and the buyers are expected to target more gains in the near future. The current market situation is favorable for ETH holders as well, as they can expect further price appreciation.
