The Ethereum price analysis is on the bullish side as it is showing a slight improvement in the price today. The price has slightly improved up to the $1,910 level. The price movement has been in a quite narrow range, but the downtrend has been halted for now, despite the fact that bulls also lack the momentum to rule the charts with an iron fist. Yet, the bulls have taken a small step towards recovery today as the green candlestick has finally emerged above the $1,900 resistance mark.
As a result of increased market activity, market capitalization has increased by a slight increase of 0.50 per cent at $230 billion, while the market volume has seen a decrease of -34 per cent to $6.49 billion.
Ethereum price analysis 24-hour price chart: Bulls pursue $1,934 as their next target
The 1-day Ethereum price analysis indicates a high bullish momentum. However, the bulls have been dominating the market as they have caused a further increase in the price today. The bulls have taken the price to $1,934, and now the coin shows a 20 per cent increase in price over the last 24 hours.
This uptrend is supported by the MACD blue line’s ascent above the signal line, which has a reading of 0.21 (positive). The positive trend of the histogram and MACD line, which support this rise, gives investors hope for a protracted bull run.
ETH/USD 1-day price chart, Source: Tradingview
The moving average indicator is currently at $1,899, with a 50-day moving average moving above the 100-day MA. This indicates that the bullish trend is likely to continue in the near future. The RSI reading is currently at 52.06, which indicates that the asset may be slightly in neutral territory.
Ethereum price analysis: ETH/USD forms a bullish flag
The 4-hour price chart for Ethereum price analysis is giving out a bullish signal as well, as the bulls have ruled the price charts for the past few hours, however also the bearish influence of the ‘bearish flag’ pattern could be seen. The bulls are attempting to break out from the bullish flag, but the bears have also put up a fight in order for them to take control of the ETH charts again.
ETH/USD 4-hour price chart, Source: Tradingview
The hourly Moving average convergence/divergence (MACD) chart is still in the positive region, with a histogram widening indicating a bullish trend. The RSI indicator for ETH/USD is currently at 52.76 and could go up higher if the bulls continue to take charge in the market. The 4-hour moving average indicator is currently at the $1,910 mark.
Ethereum price analysis conclusion
Overall, Ethereum price analysis indicates that ETH/USD may continue to remain in an uptrend in the near future as bulls battle for control of the market. The bullish trend may be extended further if the bulls manage to break out of the bullish flag and take control of the market, on the downside, the bears may take control if they manage to break below the $1,900 level.
While waiting for Bitcoin to move further, see our long-term price predictions on Chainlink, VeChain, and Axie Infinity.
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