Ethereum price analysis reveals that bulls are striving to elevate price levels at the time of writing. After rising from lows of $1,529 to highs of $1,587 this week, ETH has taken a leap forward and is currently trading at around the $1,586 mark. Ethereum has gained a value of around 2.26 percent due to the spike in price today, which is a major achievement for the cryptocurrency, though still ETH/USD shows a bullish bias and could continue to set new highs in the near future.
ETH/USD 1-day price chart: Bulls strive for recovery after loss
The 1-day price chart for Ethereum price analysis shows a significant improvement in price as bulls rally ahead. ETH is crossing the $1,586 level at the time of writing, ahead is the most crucial resistance of $1,587. This will be the key level to watch for as ETH bulls look to gain momentum and push prices further upwards. On the downside, support can be found at $1,529 which is a key level for ETH investors and traders. A break below this level could set off a major sell-off in ETH/USD pair. The downtrend was on today’s trading session but the bulls are striving to recover and push prices back towards the highs of $1,600.
The 50-MA and 100-MA are both above the price of ETH, which shows a strong bullish trend in the market. The 100-MA has crossed the 50-MA, which could signal an uptrend in ETH/USD pair. The Relative Strength Index (RSI) is currently at 68.92 and pointing upwards, which indicates that Ethereum is overbought and is looking for a correction in price levels. The MACD shows a bullish trend and is slowly gaining strength, further suggesting that bulls will lead the charge in ETH/USD pair.
Ethereum price analysis 4-hour price chart: Will bulls consolidate for a further rally
The 4-hour Ethereum price analysis indicates that cryptocurrency has gone through an uplift which has taken the price value to $1,586. The last hours have been highly profitable for the buyers as the bullish candlestick continues to grow, highlighting bullish momentum. Yet, in this hour, the price has gone through a major shift as it has crossed the psychological level of $15,00 to reach the current price of $1,586.
Furthermore, the 4-hour relative strength index (RSI) shows a strong market valuation for ETH at 72.13, Meanwhile, the moving average convergence divergence (MACD) curve continues to trend along a bullish divergence with bulls targeting higher levels. A crossover between SMA 20 and SMA 50 had been recorded in the prior weeks as well which further confirms the bullish lead in the ETH/USD pair.
Ethereum price analysis conclusion
Overall, Ethereum price analysis shows strong bullish signals in the short term. Bulls are striving to push the price of the ETH/USD pairs higher and are currently targeting the $1,587 level. A break above this key resistance could lead to a further rally in Ethereum and might push price levels toward the high of $1,600. Support is seen at $1,529 which could be crucial in case of a pullback in prices.
While waiting for Ethereum to move further, see our articles on how to buy Polkadot, Filecoin, and Polkadot.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-01-16/