The recent Ethereum price analysis shows signs of an uptrend, as the price underwent a significant increase in the last few hours. For the past few days, the bears had been in control of Ethereum, pushing the price lower. However, the bulls managed to break out from that downtrend and correct above $1,611. At press time, ETH is trading near all-time highs at around $1,654.
The buyers are now targeting the resistance levels at $1674 and $1700. If they manage to break those levels, then Ethereum could reach an all-time high of around $1800. On the downside, if the bears take control of the market again and push ETH lower, it will have strong support levels at $1611 and $1550.
The 24-trading volume for Ethereum is currently at $9.54 billion, which is an indication of high demand for ETH. The market capitalization for Ethereum stands at $201 billion, making it the second-largest cryptocurrency in terms of market capitalization.
Ethereum price analysis 1-day price chart: ETH gains momentum at the $1,658 mark
The daily chart for Ethereum price analysis confirms a bullish trend for cryptocurrency, as the ETH/USD price is increasing on a regular basis. A considerable degree of increase in coin value is being observed today due to rising bullish activity. If the buyers remain persistent, it can be expected that the price will increase further in the next few days. The price has now reached $1,658, gaining more than 1.92 percent value during the last 24 hours.
The 20-SMA and 50-SMA are both trending upwards at the moment, indicating a bullish sentiment in the market. The Relative Strength Index (RSI) is also in favor of the bulls and trading near 53.96 levels. The MACD shows a bullish crossover which indicates that buyers are in control of Ethereum currently and may push the price higher again soon. The moving average (MA) value at $1669.97 is also providing support for the bulls.
Ethereum price analysis: Bullish pattern forming above the $1,611 level
The four-hour Ethereum price analysis also suggests an uptrend, as the bulls performed well today. Although the bulls managed to upgrade coin value in the earlier hours of the day and are trying to elevate the price level at press time as well, the bears have also played their part and caused a correction by taking over the market for a period of four hours in between. However, bulls have recovered the losses and are uplifting the price levels again.
The moving average indicator, then its value is currently $1,643.51, which is above the price. The RSI also favors the bullish side and trades near 45.71 levels. The technical indicators of the stock, like MACD, had generated a positive crossover indicating more upside is possible in the coming days, with the histogram widening in green.
Ethereum price analysis conclusion
From the above, Ethereum price analysis is bullish, and the coin is expected to increase in value soon. The ETH/USD is in support of the buyers, as a consistent increase in the coin value is observed. The price has increased to $1,658 in the last few hours. The resistance for ETH/USD is present at $1,674. If the buyers remain persistent, then Ethereum could reach an all-time high of around $1,700 soon.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve