The Ethereum price analysis shows that the bulls are gaining strength after a strong rally that saw it move from around $1,800 levels to $1,943. The buyers are now looking to extend their gains and break the resistance at $2,017, which was the all-week high for ETH, that was texted earlier today. The recent uptrend has been quite encouraging, as, during the past few days, the cryptocurrency remained under the bearish shadow completely, with prices struggling to break the $1,800 level. However, the bulls were able to wrest control from the bears and drove ETH prices above the $1,900 level.
Cryptocurrencies price heat map: Coin 360
The market capitalization jumped by 1.56 per cent to $232,251,055,712, showing that investor confidence in ETH has increased; Additionally, the 24-hour trading volume is also up by 68.19 per cent to $10,592,619,901. This trend implies that investors are becoming more confident in ETH’s progress, but they are not yet willing to participate in a more volatile market with greater stakes.
Ethereum price analysis 24-hour chart: Bulls bounce back as the price escalates toward $2,000
The 24-hour Ethereum price analysis is going positively for the cryptocurrency as there has been a considerable amount of rise in the price value. The price has now surpassed the $1,940 level and is aiming to settle down at a higher level. The Buying pressure has been strong in the past hours and ETH is now trading at $1,926, gaining 1.9 per cent.
ETH/USD 1-day chart. Source: TradingView
Further positive confirmation of ETHs climb is predicted as the MACD blue line rises above the signal line with a value of 1.31. The RSI has also crossed the 50-mark and is now stable at 53 points, denoting a neutral state. The bulls are still in control and investors can expect ETH to make further gains in the near future. The Bollinger bands on the daily chart are also widening, indicating increased volatility in the market. The upper Band is at $2,053 while the lower band is resting comfortably at $1,768.
Ethereum price analysis: ETH hovers above $1,940 as the bulls regain stability
The 4-hour Ethereum price analysis chart shows price is uplifted once again as the bulls have gained back some strength during the past couple of hours. The current ETH/USD price is going $1,943 and is expected to touch an even greater height today, the bulls have gained the advantage of the situation as they have been able to reverse the continuous bearish trend.
ETH/USD 4-hour chart. Source: TradingView
The hourly Bollinger bands reflect the bullish trend and are now widening to allow more room for price volatility. The upper band is at $1,995 while the lower band is resting comfortably at $1,826. The moving average convergence divergence blue line has crossed the signal line, which means that buying pressure is increasing in the market. On the other hand, the relative strength index on the 4-hour chart also confirms bullishness as it is trading above the 50 level with a value of 55.49, indicating that the bulls have regained control of the market.
Ethereum price analysis conclusion
The Ethereum price analysis shows that the bulls have been able to make an impressive recovery from their 4-day low of $1,800. The cryptocurrency is now trading at a high of $1,943 and looks to continue its uptrend as the buying pressure continues to mount. However, the buyers need to be wary of the resistance at $2,017 as it could put a halt to ETH’s growth. Nevertheless, investors are optimistic about Ethereum’s future and feel confident that it can break its all-time high of over $2,000 in the near future.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
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