Bulls Aims For $2,000 Amid Rising Volumes

Ethereum price analysis is positive for today. The price is scaling higher but the momentum is being slowed down. ETH remains steady at around the $1,900 resistance level. The current price action indicates consolidation or range-bound movement but with a positive bias.

As of press time, ETH/USD is reading at $1,901, up 1.09% for the day. The 24-hour trading volume has declined by 33.23%, totaling above $16 billion. The total market cap of the second largest cryptocurrency held around $229.47 billion.

• Ethereum price analysis edges higher for the third straight day.
• The price is struggling above $1,910 looking for upside continuation.
• A daily candlestick below $1,850 could invalidate the bullish outlook.

ETH price looks for upside continuation

On the four-hour chart, the consolidation seems to be happening near the higher levels. Ethereum price action has traded with strong upside momentum since the week begins. The price hit $1,900 in the previous trading session and continued to stick around.

The price tested the $0.23% Fibo. retracement level at $1,850, the same level tested twice, and the price bounced back after tagging the low.

A renewed buying pressure could push ETH higher above the swing highs. The formation of a Doji candlestick suggests consolidation as the bulls seem to be exhausted. Over the past few hours, the buying momentum slows down but the price remains supported near $1,850.

On moving higher, the ETH bulls could test the psychological $2,000 mark.

The Moving Average Convergence Divergence (MACD) hovers above the mid-line with a bullish crossover on August 10. The histogram declines from bullish to neutral indicating a receding bullish momentum. However, the oscillator still remains above the trigger line. Any uptick in the indicator will advocate for the bullish outlook.

On the flip side, a drop below the $1,850 level would negate any bullish outlook on the asset. In that case. the bears would drag the price toward $1,760.

On the hourly time frame, the Ethereum price formed a broadening pattern. It signifies a big move on either side with increasing price volatility.

Also read: https://coingape.com/ethereum-foundation-merge-target-date-might-not-be-september-15/

The price is raking support above the 20-day exponential moving average, indicating the price might continue to move higher. ETH buyers would target $1,960 followed by the $2,000 level.

The price is hovering near the $1,900 level for the past few hours. A spike in sell order could initiate a fresh round of selling in ETH. The bears could test the $1,800 horizontal support level if the $1,850 support is broken on an hourly basis as per the contrarian view.