Ethereum price analysis shows a strong bullish momentum after a recent surge. The pair ETH/USD is now trading above $1,700 as bulls push to higher levels. The bullish momentum is seen coming from the $1,600 level as ETH/USD continues to rise. Furthermore, buying pressure remains strong, and traders remain optimistic about future price increases. The cryptocurrency is currently standing at $1,716 after the recent rally, with a 3.32 percent increase from the previous day.
The strong buying pressure is seen as a major factor for the recent rally. There is also optimism that Ethereum will continue to climb higher in the coming days and weeks. Ethereum has been performing strongly over the past few days, with prices trading above the $1,600 level. The resistance level for the ETH/USD pair is currently standing at $1,766, and a bullish break could take the cryptocurrency to higher levels.
Ethereum price analysis 1-day price chart: Bulls grow as ETH continues to climb above $1,700
The 1-day price chart for Ethereum price analysis indicates that the cryptocurrency value is going in a bullish direction. The day has been quite supportive for the buyers as more and more green candlesticks are securing their positions on the price chart. The trading volume is also increasing, which further strengthens the bullish momentum. Currently, the trading volume stands at $10 billion. The market cap is now at $209 billion, with an increase of 3.32 percent from the previous day.
The price levels are rising fast, and right now, the price value has reached the $1,716 level, which is an appreciable recovery. The bulls are progressing at a very high pace as the moving average (MA) is still in favor of the buyers at $1,660.
The Relative Strength Index (RSI) is also bullish as it trades above the 50-level at $61.47 on the daily chart. This suggests that there is still some buying pressure left in the market, and if this trend continues, then we could see further gains for Bitcoin. The moving average convergence divergence (MACD) has also crossed the zero level in favor of the bulls. The red line is below the blue line, which is a sign of bullish momentum.
Ethereum price analysis: Bullish pressure results in a higher price near $1,716
The 4 hours chart for Ethereum price analysis tells us that the bars have been quite high for the bulls today. The circumstances have been highly favorable for the bulls for the past several hours as the bulls are pushing to higher levels. The buying pressure is still strong and has resulted in a bullish break above the $1,700 level.
The technical indicators are also showing a strong bullish sentiment in the market. The MACD line is trading above the signal line, and the Relative Strength Index (RSI) is also pointing toward the overbought territory. This indicates that the buyers are showing immense strength in the market, and there could be further gains seen in the future. The 20-SMA and 50-SMA are also trading above the 100-SMA, which is another sign of bullishness. The moving average is also pointing towards a rising trend on the hourly chart.
Ethereum price analysis conclusion
Ethereum price analysis shows that the cryptocurrency is currently trading in a bullish direction as buyers are showing strong buying pressure. The current market conditions favor bulls, and there may be more gains to come if the bullish momentum continues. Technical indicators suggest that there could be further upside potential for ETH/USD.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-03-17/