The recent Ethereum price analysis shows a bullish trend for the day as the price spikes high again. Chances of a further increase in cryptocurrency value are there as bulls have made a strong comeback. Although the price dropped to a crucial level at $1,262, the bulls made a comeback and pushed the price higher. A rise in ETH/USD value has been detected, as the price has recovered up to $1,319 after the bullish efforts seen today. However, the price is nearing the next resistance point, where selling pressure might show up again.
The current mark has resulted in the price climbing above the 1,300 level again and is showing a sign of further increase. The ETH/USD has gained more than 4.56 percent which is a strong bullish signal for the market.
ETH/USD 1-day price chart: The 24 trading volume has surged by 4.58%
The one-day Ethereum price analysis confirms an upward price movement for the day, as the bulls have returned to the price chart again after yesterday’s correction. Although the ETH value underwent a severe decline in the past few days, the trend line remained upwards during this week. The 24 trading volume has surged by 4.58%, which indicates that the bulls are accumulating more Ethereum for further growth. With a market cap of over $161 billion.
The moving average (MA) value is going at $1,253 for now, and the SMA 20 curve is still trading below the SMA 50 curve. The MACD indicator is also showing a bullish crossover, as the signal line has climbed above the MACD line with a positive divergence. The RSI indicator is also heading in the bullish direction and currently trading at 51.63, which is a positive sign for the ETH/USD market.
Ethereum price analysis: Bulls target the next level
The four-hour Ethereum price analysis confirms that the price action is strongly bullish as the market has followed an upwards trend for the past 24 hours. A considerable rise in buying activity has been observed today, as the price increased up to $1,319. Further recovery in ETH/USD value is to follow if the bulls continue making their progress. If we move ahead and discuss the moving average, then its value is settled at the $1,290 marker, below the price level.
The hourly MACD shows that the bullish momentum is increasing as the MACD line (blue) moves above the signal line. Moreover, the relative strength index (RSI) is currently at 67.39 and is rising, which is a positive sign for the market.
Ethereum price analysis conclusion
The daily and hourly Ethereum price analysis confirms a good recovery in the coin value today. This is quite encouraging news for the buyers, as the price underwent a substantial increase. The bulls have taken the price up to $1,319 high in a swift move from the level of $1,262 after making a return in the last 24 hours, and the hourly price chart is showing promising results as well. We expect ETH to continue upside for today.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-01-09/