The Ethereum price analysis reveals that bulls are again trying to gather their strength, as the market looks like it could soon be set for a slight uptrend. Ethereum has been consolidating above the $1,800 mark following an impressive period of bullish action.
The bulls have been able to keep ETH above the key support at $1,853, which has been a significant area of contention for the last few days. The price has moved within a tight range and faces resistance at $1,879. However, if bulls can break this level, it could be a sign that Ethereum may soon make an attempt to reach new heights.
Ethereum price analysis 1-day chart: Bullish momentum reignites
The 24-hour Ethereum price analysis shows the bulls are leading the price function to take the price above the $1,800 mark. The ETH/USD price is touching $1,859 at the time of writing, reporting a 0.07 percent increase in value over the last 24 hours. The volume is relatively increasing, which suggests more bullish action in the near future. An ascending trendline is being formed, and the price has been trading above it for the past few days.
The Relative Strength Index (RSI) is currently hovering around the neutral mark. This is a sign that the market has yet to decide its direction, and if the bulls can manage to push above $1,879, it could start a new uptrend for Ethereum. The Moving Average Convergence Divergence (MACD) indicator also shows a bullish crossover, indicating that the buyers’ sentiment is increasing in the market. The Bollinger bands are also expanding, suggesting more volatility in the near future. The upper Bollinger Band is currently at $1,906, and the lower one is located at $1,700.
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 $1,859. 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 $1,853 to reach the current price of $1,859.
The Bolinger bands are showing that the price is slightly in overbought territory, and a correction might take place soon. The upper Bollinger is currently at $1,908, and the lower Bollinger band is located at $1,840. The RSI indicator is also at an elevated level of 48.02, which suggests that Ethereum may have to consolidate for a while before it can make further progress. The MACD indicator is currently rising, as the MACD line is above the signal line.
Ethereum price analysis conclusion
Overall, Ethereum price analysis suggests that the bulls have regained market control and are now trying to break past $1,879. If they manage to do so, it could spark a new uptrend in Ethereum prices. However, if they fail to move beyond this level, there could be a pullback, and the price could again drop to the $1,800 support level. In any case, traders should monitor the market closely for further confirmation of a trend.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-04-08/