Ethereum price analysis shows a bullish trend for the token, as it recovered from the recent dip that was witnessed in the past hours. The coin was under bearish pressure since the start of today’s trading session after breaking downwards at the start. Bullish support appeared late at night, but bearish pressure was overwhelming, and soon bears degraded the price further down. But bulls made a strong comeback just recently, and the price rallied toward the $1,914 level.
At the time of writing, Ethereum is trading at $1,912, and it has seen a 0.48% increase in its value within the past 24 hours. The resistance level for the token is present at $1,929. As Ethereum price analysis shows, if the sellers push the price past this resistance level, it could lead to a rapid surge in its value. On the other hand, if the bulls fail to break past this resistance level soon, then there can be a bearish reversal that will cause ETH’s price to fall again.
Ethereum price analysis 24-hour chart: Bulls rally high, turning the trends
The 24-hour, Ethereum price analysis dictates that a rise in price has taken place in the last few hours. The circumstances have been going extremely favourable for the bulls for the past few hours. This week has seen a fluctuation in price movements, as well as the bears were struggling to regain their position. Today’s trend, however, has been extremely supportive for the buyers as the price has increased above $1,900 and is presently trading near $1,914.
The MACD for ETH/USD has been moving in the bulls’ favour as the line of MACD has moved above its signal line. The histograms have also increased in size, which might indicate the presence of bullish momentum. The RSI is currently at 63.15, and it resumes an uptrend as well. There is considerable buying pressure present in the market, which has pushed the price upwards. The 20-EMA is currently above the 50-EMA as well, which indicates a bullish trend in the short term.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis shows the price function was under bearish pressure from the start of the trading session, as bears were in dominating position and a further downtrend was expected, but the ETH found a support floor at $1,860 level, and the coin rejected further downside. The situation turned interesting when the price spiked high towards $1,914 from $1,860 in just three hours, recovering all the loss and turning the price level into greens. Bulls have performed extremely well as now we expect the ETH to close on the greener side.
The 50-EMA is flowing above the 100 and 200-EMA as well, indicating a bullish trend in the long run. The MACD line has just crossed over its signal line into the positive region, which is a sign of increasing buying pressure. The relative Strength Index is also trending upwards and is currently at the level of 61.96, which shows that the buying pressure has increased significantly in the market.
Ethereum price analysis conclusion
Overall, Ethereum Price Analysis indicates a bullish trend for ETH/USD as all technical indications have been slightly favourable for buyers. There may be some short-term bearish corrections on the way, but overall, the bulls may remain in control for some more time. The recent rally indicates that the buyers have taken charge of the market and are likely to maintain control over the short term.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-04-12/