Recent Ethereum price analysis is showing a slight improvement in the price today, as it has slowly reached the $1,654 level. The bullish momentum had helped in the partial recovery of the coin value, as the ETH price had dropped significantly over today. Yet, the bulls have taken a small step towards recovery today as green candlesticks are appearing in the updated price chart. A further upgrade is to be expected, as the bulls are trying to take full advantage of the opportunity at hand. However, if observed on an hourly basis, then selling pressure has also emerged again, which is hindering the upwards movement of the price function.
The market cap for the cryptocurrency has also seen some moderate fluctuations over the past 24 hours, as currently, it stands at $202.026 billion. The total trading volume for ETH is currently at $7.2 billion, as the coin continues to show growth in its market activity over the past few days.
Ethereum price analysis 1-day chart: ETH continues a slow recovery
The 1-day Ethereum price analysis indicates a bullish activity, which has been favoring the buyers as the price level has improved now. The bulls have been able to recover the price up to $1,654, as the coin has gained around 0.09 percent value at the time of writing. The recovery has been slow as the selling pressure is still there in the market. However bearish and the bulls are trying to take full advantage of the opportunity at hand.
The upper limit of the current rising triangle pattern lies at $1,664. This has been acting as a hard resistance level for ETH in recent times. So, if bulls manage to break it, then a further upgrade is expected and this could lead to a short-term bullish momentum. On the other hand, if bears manage to break the lower support level of $1,605, then ETH might experience a bearish correction in the near term.
The 50-day moving average has crossed the 200-day moving average on the chart which is indicating a short-term bullish reversal in the market. The Relative Strength Index has also seen an improvement over the past few days and currently, it stands at 77.33 which suggests that ETH is hovering between oversold and overbought levels of trading.
Ethereum price analysis: Recent developments and further technical indications
The Ethereum price analysis showing 4-hours progress is giving out a bullish signal, as the bulls are putting their efforts to avail any chance of recovery. The ETH value has increased to $1,654 after recovering. The bearish might still be there in the market and the sellers are still trying to break the current support level.
The 4-hour MACD indicates a bullish crossover, as it has crossed above zero into positive territory which is suggesting a bullish continuation in short-term trading. The RSI also suggests that the ETH price is now at an oversold level of around 65.62 and could potentially move up in the coming sessions. The Moving average is currently at $1,637 below the coin price thus indicating the bullish activity in the ETH market.
Ethereum price analysis conclusion
To sum up, The Ethereum price analysis is showing a slow and gradual recovery of ETH from its recent bearish spell, with the bulls managing to push it back to the $1,654 level. The resistance levels need to be broken for further bullish movement and if that does not happen, then selling pressure can take the coin down to its lower support levels. The technical indicators are also signaling a bullish rally in the near term and with that, the ETH price can be expected to reach new heights soon. The bears will need to act carefully as any sudden move might lead to extended losses for the asset.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-01-2023/