The most recent Ethereum price analysis shows a rise in price for the leading cryptocurrency. ETH/USD is up by more than 0.70 percent in the past 24-hour period and is showing bullish signs. The bulls are looking to push the Ethereum price analysis even further, as they aim for a new all-time high of $2,000. Green candlesticks have reappeared on the price chart, and the price has reached the $1,905 level.
The ETH/USD pair is currently trading above the $1,884 support area and if the bulls can maintain their momentum, a push above $1,905 could send it toward the $2,000 level. On the downside, if the price retreats below the support area of $1,884, then Ethereum could drop back to its immediate support at $1,850.
ETH is also ranked second on the list of top cryptocurrencies in terms of market capitalization and currently holds a value of over $229 billion. The circulating supply of Ethereum is 120,398,384 ETH, however, the 24-hour trading volume for Ethereum has been quite decreasing and currently stands at $5.11 billion.
Ethereum price analysis 24-hour chart: ETH surges above $1,900 after a brief period of sideways movement
The 24-hour chart for Ethereum price analysis shows that the price has been consolidating in the range between $1,884 and $1,916. After a short period of price fluctuations, Ethereum surged above the $1,900 level. The bullish activity has been intensifying for the second consecutive day, and we can expect an upswing in the near future. However, the price underwent a rapid decline during the previous days.
ETH/USD 24-hour chart, Source; TradingView
The moving average (MA) value in the 1-day price chart is also trading at $1,874 below the price level. The 20-EMA line is currently above the 50-EMA line, suggesting that the bulls are still in control of the market. The MACD indicator is seen making a comeback to the bullish region as the MACD line is changing its direction to head upwards and the red bars erasing in the histogram, indicating an uptrend for Ethereum as the bulls remain in control. The Relative Strength Index (RSI) is also seen rising above the 50-level which is indicative of bullish momentum.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis confirms that an uptrend has been taking place for the past few hours, as the price trend line is upward from the last 24 hours. There have been instances where the bulls have encountered bearish resistance, but nonetheless, the upward trend has been maintained. The price has been trading above the moving average (MA) value as well, which is present at $1,899.
ETH/USD 4-hour chart, Source; TradingView
The 50-day moving average (MA) value is seen at $1,906 and the 200-day MA value stands at $1,906 as well. The MACD indicator is also making a crossover to the positive region indicating an increase in the buying pressure. The histogram is seen forming green candlestick candles, confirming the bullish sentiment. The Relative Strength Index (RSI) is also seen hovering above the 50-level with a value of 53.89 which indicates that there is still room for more bullish price action.
Ethereum price analysis conclusion
The bulls are making a comeback once again according to the recent Ethereum price analysis. The buying pressure is likely to be extended further and Ethereum could reach the $2,000 level in the near future. As long as the bulls can maintain their grip above the support area of $1,884, there are chances of a positive price surge. However, if the bears take back control, then Ethereum could retreat and test the range between $1,800 – $1,850.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
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