The Ethereum price analysis is showing a positive trend in the market today, with bullish indicators continuing to dominate. The token is currently trading at $1,903, with a 24-hour surge of 0.29 percent, indicating a strong market sentiment. The bulls have taken control of the market, and it looks like they are ready to push the ETH price further up.
The ETH coin has been trading in a range-bound trend for quite some time now. This range is seen between the support and resistance levels of $1,881 and $1,936 respectively. Currently, the coin is trading above the level of 1,900, which suggests that a further rise in price could be imminent.
Most of the cryptocurrencies today are trading in the green, and ETH is no exception. The other top coins like Binance coin (BTC) and Ripple (XRP), are also showing signs of bullishness. The BTC has surged above $30,000 and is currently trading at $30,143 amid signs of recovery in the market.
Ethereum price analysis 24-hour chart: Bullish momentum picks up pace as ETH breaks above $1,900
The 1-day Ethereum price analysis is showing signs of bullish recovery as the green candlesticks are appearing for the second consecutive day. The support level for the coin is seen at $1,881 and the resistance level is at $1,936, and if the bulls can break this level, then there could be a further rise in the price of ETH.
The last few hours of trading have been relatively positive for the bulls, with the daily trading volume reaching up to 9 billion dollars, an increase of more than 27.55 percent from yesterday. This indicates that the buying pressure is strong, and the market sentiment is becoming increasingly bullish. The market cap for the token stands at $228 billion, with the total circulating supply at $120 million.
The daily technical indicators are largely in favor of the bulls. The moving average converges divergence (MACD) is in the bullish zone, with its signal line above the MACD. Additionally, the histogram is increasing, with red bars turning green. The relative strength index (RSI) is above the neutral zone at 62.30 and is expected to cross the overbought zone. The moving average indicator is currently at $1,872, which implies that the coin is trading above the 20-day simple moving average (SMA).
Ethereum price analysis: Recent developments and further technical indications
Ethereum price analysis on the four-hour chart shows that the coin is still on the bullish side as the buying pressure is still strong. The past few days the bearish was strong, but the bulls managed to keep the price from dropping further and now it looks like they are ready to push the ETH coin higher.
The 50-day moving average is currently at $1,903 and the 200-day moving average is at $1,903. The 50-day EMA has already crossed over the 200-day EMA, indicating that the bulls are in control of the market. The moving average convergence divergence (MACD) is in the bullish zone, with its signal line above the MACD. Additionally, the histogram is increasing and has moved into the green territory, indicating that there could be a further upside in price. The RSI is at $60.65 and is expected to soon enter the overbought zone
Ethereum price analysis conclusion
Overall, the bullish sentiment is dominating the Ethereum market as buying pressure continues to increase. The indicators are looking good for further growth of the coin in the near future, and with sustained momentum from buyers, ETH could cross $1,936 soon. The resistance and support levels are in favor of bulls, and with a decrease in selling pressure, the token looks well on its way to reaching new highs.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-04-11/