Ethereum price analysis confirms an increasing trend for the day as the green candlestick has returned on the price chart once again. A downtrend was at its peak earlier today as the ETH/USD pair traded below the $1,880 level. However, buyers emerged and sent the pair back above $1,883 and created a strong rebound. The Ethereum price analysis has been bullish over the last few hours as bulls have outmatched bears in a tug-of-war match. At present, ETH/USD is trading at $1,883 with a decrease of 0.47 percent.
If the current bullish run can break through the 24-hour high, the next resistance level might be $1,892, which could entice additional buyers and lead to higher prices above $1,900 and $1,910. The support level of $1,845 could be temporarily tested if market sentiment suddenly shifts, triggering a decrease in price before any possible recovery.
Ethereum price analysis 1-day chart: ETH/USD soars to $1,883 after bullish input
The daily chart for Ethereum price analysis records a clear bullish trend in the market with the buyers pushing the price to $1,883 and creating a noticeable uptrend. In the past 24 hours, the buying pressure and selling pressure have been evenly matched on the ETH/USD pair, which could mean that indecision in market sentiment is present.
The MACD indicator shows a bearish sign with red histogram bars and indicates a decrease in price as bears outmatch bulls in momentum. The RSI index is in neutral territory with 49.11 points which indicates that the pair could be heading toward a bearish correction in the near future.
The 20-EMA is currently below the 50-EMA and suggests that bears could take advantage of a bearish crossover to reduce prices on the fork. The daily moving average indicator is currently at $1,879, with the 50-day moving average and 100-day moving average trending above the current price level.
Ethereum price analysis: ETH curve ascends to $1,883 after a recent uprise
The Ethereum price analysis is indicating an increasing trend as the cryptocurrency value significantly improved in the last few hours. The short-term trending line is now moving upward because of the constant rise in ETH/USD value. The bearish pressure was in the lower region of the chart, but bulls have managed to break through it and take charge of the market.
The moving average indicator is in positive territory with a bullish crossover, indicating that the price may continue to surge higher. The RSI is indicating a neutral trend with 54.76 points which suggests that the bulls could take over soon if they can keep up the momentum in their favor. The 20-SMA is currently above the 50-SMA, which indicates an increased buying pressure for ETH/USD. The hourly moving average indicator is present at $1,861 and suggests that the market sentiment could remain bullish if the price builds enough support.
Ethereum price analysis conclusion
Overall, Ethereum price analysis has been on a positive trend, and more investors are getting attracted to the cryptocurrency due to its high potential soon. The bullish momentum looks strong, with no signs of a pullback. The technical indicators are also positive, indicating that the bulls dominate the market.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-05-03/