The recent Ethereum price analysis indicates a bullish trend for the day as the ETH market appears to be stabilizing. The token is currently present at $1,890, a 2.03 percent gain from the previous close of around $1,852. As per our Ethereum price analysis, the immediate resistance lies at $1,915. If the bulls are able to break that resistance zone, the ETH token could soon target an all-time high of $2,000. On the downside, if Ethereum price analysis reveals a selloff below the $1,852 support level, it could indicate a bearish trend in the market. Based on the current Ethereum price analysis, it is likely that the ETH market will remain stable in the near term.
As a result of the drop in the previous days, the ETH was hovering below $1,900 before the bulls appeared. However, in recent days, Ethereum price analysis reveals that the ETH is moving up rapidly. The volume has increased significantly and this could lead to a breakout above $1,915. This positive momentum could give ETH investors the confidence they need for a successful rally past $2,000.
Ethereum price analysis 1-day price chart: ETH gains bullish momentum at $1,890
The Ethereum price analysis shows a bullish trend, as an increase has been recorded in the last 24 hours. The market has been following bullish for the past few hours today after a minor selloff in the previous days. For the past few days, the bullish and the bearish trend has been in balance, however, the ETH market is now seeing a bull trend. This could be attributed to the increase in volume and the renewed confidence of investors after multiple rejections at the $1,900 resistance level.
During the current upturn, the Bollinger bands on the ETH price chart have moved in an upward direction. The upper Bollinger band is currently located at $2,107 and the lower Bollinger band is placed at $1,744. This indicates that volatility could remain elevated in the near term with bulls attempting to sustain a rally past the $1,915 resistance level. The MACD line is also above the signal line and this could indicate bullish momentum in the market. Moreover, the histogram for the ETH market is showing positive signs as well. The RSI indicator is at 50.39, which is a neutral to bullish signal.
Ethereum price analysis 4-hour chart: ETH signals a bullish trend
The four-hour Bitcoin price analysis confirms that the price action is headed upward as the market has followed a bullish trend for the past few hours. A considerable rise in buying activity has been observed today, as the price increased up to the $1,890 mark. The green candles indicate that buyers are in control and the bulls have a good chance of continuing their push above the $1,900 level.
The Bollinger bands on the hourly chart are spread out, which is a sign of high volatility. The upper Bollinger Band is located at $1,917 and the lower Bollinger Band is located at $1,807. The moving average convergence divergence (MACD) indicator is still in the bullish zone, as the MACD line is currently above the signal line. The histogram is also in positive territory and this could point towards more gains in the near future. The RSI indicator has moved up to 55.41, which implies that further buying pressure could be seen in the next few hours.
Ethereum price analysis conclusion
In conclusion, the Ethereum price analysis shows that the ETH market is currently in a bullish state. The increase in volume over the past few hours has been impressive and this could be used to break above the $1,915 resistance level. If successful, it could lead to further gains for Ethereum as buyers gain more confidence.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-05-04/