The recent Ethereum price analysis shows the ETH token is trading in an ascending trendline in the last few hours, with a daily price increase of 0.34%. ETH is currently trading at $1,571 and could soon break out of the key resistance levels to surge even higher if the bullish momentum continues.
The ETH/USD pair is attempting to break out of the $1,571 level. If successful, it could see a sharp rise above the $1,600 level. On the other hand, if the bulls fail to hold their ground above this resistance line, then a drop toward the $1,551 support line is possible in the near term.
The bullish momentum is strong, with a 24-hour volume of $5,118,618,118, while the market capitalization is currently at $192,162,227,000, with an increase of 0.35% in the past 24 hours, as per data from coinmarketcap.com.
Ethereum price analysis 1-day price chart: Buying pressure is strong as ETH/USD continues its uptrend
The one-day Ethereum price analysis confirms the uptrend as the price is seen reaching the $1,571 level after the continuation of the bullish trend since today afternoon. The cryptocurrency has gained 0.33 percent value during the last 24 hours. In the past few days, bearish pressure was ruling the market and the price was trading below the key resistance level of $1,584. However, today the trend reversed as bulls take control.
Looking at the technical analysis on various timeframes, a bullish divergence is seen, which could be a sign of further price increases in the coming days. The price of ETH has been fluctuating between a range of $1,550 – $1,584, with buyers showing strong support for the token at both levels.
The technical indicators on the daily chart show a positive market sentiment, with the Relative Strength Index at 67.00 and the Moving Average Convergence Divergence oscillator showing a bullish divergence. The 50-day moving average has also crossed the 200-day moving average to the upside, indicating a strong bullish trend in the short term. Also, the moving average (MA) is standing at the $1,610 level, just above the current price.
Ethereum price analysis: Recent developments and further technical indications
The four hours Ethereum price analysis is indicating a bullish trend as the price has increased again in the past few hours. The price breakout was upward at the start of the day, but then a correction took place for four hours. However, bulls have taken the lead back, and the price is moving upwards again and has reached the $1,571 level, which is above the moving average level. Further increase in price can be expected as the bullish momentum extends.
The technical indicators on the 4-hour chart show a positive market sentiment, with the Relative Strength Index at 40.42 and the Moving Average Convergence Divergence oscillator showing a bullish divergence. The MACD line and the signal line are moving higher along with the price of ETH, indicating further upside in the near future. The moving average indicator is also standing at the $1,567 level, just above the current price.
Ethereum price analysis conclusion
In conclusion, Ethereum price analysis shows that the bullish momentum continues and a strong breakout above the resistance level of $1,571 could push it to new highs in the near future. The technical indicators are showing positive signals which confirm that this uptrend will continue. Investors should keep a close eye on the $1,584 resistance level and watch for any potential breakout in order to capitalize on the upside. It is expected that ETH/USD pair will reach new highs soon as long as it remains above the support line of $1,551.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-03-05/