Ethereum price analysis reveals the price has been trading high for most of the days this week as the bulls have been putting efforts to remain at the lead. An uptrend has been observed today as well, as the price has increased to the $1,794 level as the bulls have maintained their strength. This has proved to be quite beneficial for the overall coin value, as chances of recovery have been availed to their best. It is expected that a further increase in price will follow in the upcoming hours as well.
The digital asset has gained 3.79 percent at the time of writing and is currently trading above $1,700, supported by strong buy volumes. The overall market capitalization for the cryptocurrency is around $219 billion, indicating that it still has significant upside potential, with a 24 trading volume of $11 billion.
Ethereum price action on a daily chart: Bulls successful in making a comeback above $1,700
The daily Ethereum price analysis gives encouraging news for cryptocurrency buyers, as the price has increased significantly during the day. The coin is currently trading at $1,794 at the time of writing, and chances are there for further increases in price levels. The price trends have been undergoing significant changes, and it was a bit surprising for investors to witness such a drastic increase in price. The bulls have managed to break the resistance at $1,8,40 today and are now striving to keep the price above this level.
The indicators currently show an optimistic outlook for ETH/USD as the moving average (MA) value is following an upward trend. Currently, the moving average is $1,644. As the buyers remain dominant, the MACD is also going in the same direction, which indicates that buyers are in control of the market and may continue to drive the price up. The relative strength index (RSI) has stabilized at 64.46, and it appears to be heading toward the overbought zone soon if the bullish momentum continues.
Ethereum price analysis: ETH recovers up to $1,794 as bulls steer safely
The 4-hour Ethereum price analysis favors the bullish side as a strong rise in ETH/USD value was detected in the past few days. The bulls have been dedicated to rewin their leading position in the market, and so far, their progress has been fascinating. The price experienced a rise to $1,794 in the last four hours because of the bullish trend.
The 20-SMA and 50-SMA both indicate a bullish trend, as they are currently above the curve. The MACD is also showing an optimistic outlook as it is heading toward the bullish zone, and this indicates that buyers have a higher probability of winning in the near term. Additionally, the MACD line is also above the signal line. The RSI has hit the overbought region and is currently at 62.39, proving that buyers are in control of the market as they steer it safely toward higher grounds.
Ethereum price analysis conclusion
Overall, Ethereum price analysis shows that ETH/USD continues to move up due to bullish momentum. As long as buying pressure remains intact, the digital asset could move even higher in the upcoming hours. A break past $1,794 may possibly open up new opportunities for the bulls as higher value levels could be tested. The resistance at $1,840 may prove to be a challenge for the bulls, but if they manage to break past this level, then the price could reach even greater heights.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.