The Ethereum price analysis is bullish today as the price surprisingly took an upward turn, crossing the $1,800 mark. The momentum has been building up in the past few days as ETH saw a consistent increase in its price. The buying pressure has been strong, leading to a bullish wave that pushed ETH to the current level of $1,809.
The bulls have managed to make a steady climb up to the current level as the support for ETH is present at the $1,730 mark, which was the previous level when the bearish trend was in full force. The current level is a new high for ETH as it saw a 3.9 percent increase in its price in the past 24 hours.
Ethereum price analysis daily chart: Bulls maintain an uptrend at $1,809 after a bullish run
The one-day Ethereum price analysis confirms an upward trend for the crypto pair, as the bulls have been leading the price chart even today. The past week has proved to be quite favorable for the buyers. Today’s trend has yet again proved to be on the supportive side, as the price has increased up to the $1,809 level gained during the last 24 hours.
The moving average (MA) value has been trading at $1,770 as well, indicating that the bulls are in control of the market. The MACD values have also crossed into the positive territory and are indicating more upside for ETH in the upcoming days. The signal line is also rising steadily and is at 42.41 and is currently below the MACD line. The Relative Strength Index (RSI) is also on the rise and is currently at 58.64, which confirms that the bulls are in control of market sentiment and there may be more upside potential for Ethereum in the upcoming days.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour price chart for Ethereum price analysis shows the price has undergone a recovery today, but a correction was also observed at the end of the previous trading session; however, the correction was small and did not seep into today’s price action. The buying momentum intensified today, and the buyers are now dominating the market as the price is moving upwards. The price has increased to $1,809, which is still at a higher point than its moving average, settling at the $1,775 mark.
The 50-day MA and 200-day MA have also been on the rise in recent hours, indicating a positive trend for Ethereum. The MACD is currently trading above the signal line and is showing a bullish market sentiment; however, it has started to decline since yesterday’s peak. Moreover, the RSI has also seen an improvement today and is currently at 61.28. Also, the RSI has seen a surge in its value during yesterday’s trading session and is now indicating more upside potential for Ethereum.
Ethereum price analysis conclusion
Overall, Ethereum price analysis confirms that the bulls are in control of the market, with ETH seeing a steady increase in its price since yesterday. The buying pressure appears to be strong and may continue in the upcoming days. The support for the token is still present at the $1,730 mark, and if it holds then there may be more upside potential in store for ETH. Furthermore, technical indicators are also showing a bullish trend and indicate that ETH may continue its bullish run in the upcoming days.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-03-29/