The recent Ethereum price analysis shows a positive outlook for ETH investors as the price has broken above the $1,557 support level. This bullish crossover was accompanied by a surge in volume which is typically a good sign of an impending breakout.
The ETH/USD is currently trading at $1,568, up 0.39 percent from the previous day’s close. Ethereum is still in a strong uptrend and has been rallying over the past week as investors remain confident about its potential.
However, despite this upward momentum, ETH still faces resistance at the $1,575 mark, making it difficult to reach higher levels in the near term. However, if ETH can break past this resistance level, it could be poised for further growth in the long term.
Ethereum price analysis 1-day price chart: ETH/USD recovers slowly
The one-day Ethereum price analysis chart shows that the price function is headed upward, and the coin is recovering well. However, the larger trend is still under the bearish influence, and the past few days have also brought negative news for the buyers as the price levels kept decreasing, but the trend has changed, and now the price is on an increasing trend for today. The price has reached the $1,568 level after the bulls took the lead today.
The momentum is building up at a rather slow pace now, and the price continues to trade below the moving average (MA) value, which is standing at the $1,607 mark. On the 24-hour price chart, the Bollinger Bands are bulging, indicating higher market volatility, with the upper band at $1,723 and the lower band at $1,547. The relative strength index (RSI) is currently at a neutral level of 44.96, indicating no major price movements in the near future.
Ethereum price analysis: The bulls are struggling to break the $1,575 resistance level
The latest Ethereum price analysis shows that the price has been going upward for the last 12 hours after getting a break upward at the start of the trading session. On the other hand, a strong correction was also observed in the middle of today’s trading session, which damaged the coin’s value significantly. The loss has been huge, but the bulls have recovered nearly the loss today and may keep on recovering for the rest of the day if the momentum continues.
Additionally, a green engulfing candlestick is emerging, a sign that bulls are gaining control of the market and driving up prices, signaling that the upswing may be continuing. The volatility is also gradually increasing, which suggests that there may be a period of consolidation between the bulls and bears.
The Bollinger Bands are stretching out, which implies that the market may witness high volatility in the near future. The moving average is currently in the bearish zone at $1,567. The daily RSI is Rising and is approaching the overbought zone, signaling that there is strong buying pressure in the market.
Ethereum price analysis conclusion
From the given Ethereum price analysis for one day and four hours, it can be inferred that the cryptocurrency is in recovery mode compared to the past days. The price has recovered to $1,568 and is expected to go further up in the coming hours if support remains intact.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-03-06/