Ethereum price analysis is bordering a bullish region as buyers have sustained the price above $1,219. It seems buyer confidence has returned in the crypto market as most major coins are trading well above the support zone. Even the market capitalization of the crypto market is now back above the psychological $149 billion mark. So, is the bear market phase over in the crypto market?
The cryptocurrency market traded in the red over the previous day as bears took over the market momentum. However, Ethereum price analysis shows the bulls have made a comeback and the ETH/USD pair is now trading above $1,219. At the moment, it appears the bulls have taken a decisive stand and now need to sustain the gains above $1,219. The pair is now targeting the $1,227 resistance zone in the near term.
ETH/USD 1-day price chart: Bullish momentum continues as price reaches $1,219
The 1-day price chart for Ethereum price analysis shows a handsome amount of value gains today. ETH bulls covered a good upwards range from $1,187 to $1,227 today, as the price of ETH/USD is trading at a later value at the time of writing.ETH/USD gained a value of more than 2.34 percent during the last 24 hours.
The 50-day simple moving average (SMA) is still hovering around the $1,219 level and buyer confidence should remain strong if the price holds above this support zone, while the 200-day SMA is still running at $1,189. Moreover, the relative strength index (RSI) of ETH/USD has now reached 47.47 levels and is pointing upwards. The MACD chart also shows a bullish crossover as the MACD line is above the signal line, with both lines positive.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour price chart for Ethereum price analysis shows the price has been increasing continuously, and selling pressure hasn’t formed yet, but as the price is near the resistance of $1,227 so a correction may also take place for a few hours in the coming time. The traders fearing a short-term decline may start booking profits, which will result in a decrease in price for a shorter period.
The Moving average convergence divergence (MACD) chart is also in the bullish zone, and the histogram is also widening, which is a good sign for buyers. The RSI has now reached 52.75 levels, and it is showing potential bullish signals for the upcoming session. The 50-day SMA and 200-day SMA are still hovering around the $1,219 and $1,1,189 levels respectively.
Ethereum price analysis conclusion
Ethereum price analysis shows the ETH/USD price trend line if observed from the last 24 hours, is on an upwards curve, so there are good prospects for the future of the coin, and a substantial increase in price can be expected in the coming days. For the coming hours, the price may correct for a few hours as it has reached near the resistance of $1,227. We expect ETH to cross this resistance barrier later in the coming hours as bulls continue upside.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-12-23/