Ethereum price analysis reveals ETH price action has been bullish in the last 4 hours, surging from around $1,553 to over the $1,592 mark. The recent surge was triggered by a sudden influx of buying pressure which has supported the bulls in this crypto-assets market.
Ethereum has been showing a steady bullish trend since the beginning today’s evening and it appears that this positive momentum is likely to continue in the near future. It should be noted that Ethereum’s current price level is still well and aiming for its all-time high of $1,600.
In terms of support level, ETH/USD is currently supported at the $1,553 level. On the upside, resistance for Ethereum is present at the $1,594 mark. However, if bulls manage to break this level of resistance, we could see an even stronger bullish trend in the near future. And if bearish pressure continues, Ethereum could drop to its support at $1,553.
ETH/USD 1-day price chart: Tremendous increase in price as bulls regain momentum
The daily Ethereum price analysis is giving the bulls a lead as the price levels jumped to $1,592 after a strong bullish rally. This has surprised the analysts and turned many towards the buying side after the sudden shift in the market trend. The coin gained a good 0.15 percent value during the last 24 hours, and the profit gain equals 18.59 percent if observed over the past seven days.
The calculated moving average (MA) over the past week has been $1,464, which has been going up during the past week. The bullish action is further indicated by the Relative Strength Index (RSI) which currently stands at 71.47, indicating that the asset is overbought and could face resistance as it moves forward. Moreover, The Moving average convergence divergence (MACD) has also indicated a strong bullish trend, as histogram bars have to widen to the upside.
ETH/USD 4-hour price chart: Strong bullish trend pushing the price to its highest level
The 4-hour Ethereum price analysis shows an increase in the ETH coin value as the price has reached $1,592. The weekly analysis is also in favor of bulls as it tells that the buyers have dominated the market and helped the cryptocurrency rise slowly. Today’s case has proved to be the same, rather much more overwhelming, as the Moving Average (MA) has moved up to $1,568.
The Relative Strength Index (RSI) is showing a score of 68.67, which is moving towards the over-bought limit, as the past week has been favorable for cryptocurrency, and an overwhelming buying activity has taken over the market today. The MACD is also supporting the bullish trend, as red and blue lines have crossed upwards and widened to the upside.
Ethereum price analysis conclusion
From the above Ethereum price analysis, it can be inferred that today’s trend has proved to be in favor of the buyers as the price levels increased tremendously to $1,592 during the day. Both the 1-day and 4-hours price charts have been showing strong support for cryptocurrency, as the price function has been headed upward for the last few hours.
While waiting for Ethereum to move further, see our articles on how to buy Polkadot, Filecoin, and Polkadot.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-01-17/