The Ethereum price analysis is bullish for today, as an increase in the price of up to $1,217 has been observed. The bulls have been successful in crafting an upwards trend line for the price function during the last few days, and the trend is the same for today as well. Although the price touched the $1,195 height earlier yesterday, due to the strong resistance present at this level, the price function reverted back, but the crypto pair has managed to continue moving in the positive direction. However, the next resistance is present at the $1,219 level for the bulls to encounter.
The trading volume for Ethereum stands at a healthy $3.631 billion, which is a good sign for the bulls. The Ethereum market cap stands at $148.93 billion and is the second-largest in the crypto space. There has been an increase in demand for Ethereum as well, with buyers looking to invest heavily in this asset.
The ETH/USD pair has been trading above the $ 1,195 mark for quite some time now, and it looks like the bulls are in good shape to push the prices past this level. This could be a sign of an uptrend that might last longer than expected.
ETH/USD 1-day price chart: Bulls successfully take the lead back after a correction
The 1-day Ethereum price analysis shows an increase in price for today as well as the coin is trading at $1,217 at the time of writing. ETH/USD pair shows an increase in value by 1.40 percent over the last 24 hours regardless of the overall price increment, which is due to the hourly correction observed yesterday.
The technical chart shows that the bulls have regained control of the market, and they will now attempt to break past the resistance level of $1,219. If they manage to do so, then we might witness a surge in prices toward new highs. The MACD line is above the signal line indicating a bullish trend for ETH/USD pair. The relative strength index (RSI) is present at index 46.24, trading at an upwards curve hinting at an increase in the buying activity in the market. The 50-day EMA line is above the 200-day EMA line which shows that the bulls are in good shape to gain strength.
Ethereum price analysis 4-hour chart: ETH aims 1,219 resistance level
The 4-hour Ethereum price analysis shows that the price breakout was upward at the start of today’s session following the bullish lead. Overall the trend remained upward for today as the bulls were successful in taking back the lead after a correction. The next target for the bulls is the $1,219 resistance level.
Looking at the 4-hour technical chart, the price has been trading above the 20-day EMA line and the 50-day EMA line which indicates that the bulls are still in control of the ETH/USD pair. The MACD line is also indicating a bullish trend as it is above the signal line. The histogram also shows a bullish trend as the bars are rising towards higher values. The RSI is present at an index of 53.65, just near the border of the overbought limit, and the upwards curve of the RSI hints at the increase in buying activity.
Ethereum price analysis conclusion
Overall, Ethereum price analysis is bullish for today, as the market was successful in crafting an upwards trend line for the last few days. We expect ETH/USD to re-attempt the $1,219 resistance in the coming hours today.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-01-02-2/