Ethereum price analysis: ETH forms a bullish pattern above $1,715, up by 8.67 percent
Ethereum price analysis shows a massive surge of 8.67 percent in the past 24 hours, bringing ETH/USD from $1,579 to $1,715 levels. The pair is likely to break the resistance at $1,732 and reach new highs if it holds these levels for an extended period of time. The past few weeks have proved crucial for the bears as Ethereum has seen significant losses and consolidation below $1,700. However today, the bulls managed to break above this resistance and now the price is trading at a high of $1,715.
The bullish pattern Ethereum has formed today signals a positive outlook for ETH/USD in the near future. At present, support lies at $1,579 and if it holds these levels then we can expect Ethereum to test its next resistance at $1,732. On the other hand, if Ethereum falls back below $1,579 then this could cause a dip in prices as buyers retreat to safer zones. The 24-hour trading volume for Ethereum is $13 billion with BTC and USDT pairs dominating the market, while the market cap stands at $209 billion.
ETH/USD 1-day price chart: Bulls reclaim the $1,715 position after the latest upturn
On the 24-hour candlestick chart for Ethereum price analysis, the price can be seen forming an uptrend after a distinct decline in the past days’ market. The uptrend has led ETH/USD to move into a narrow consolidation zone between the $1,579 and $1,732 levels which could eventually break out in either direction. The bulls have reclaimed the $1,715 position and are now looking to take ETH/USD higher toward the next resistance at the $1,732 level.
The moving averages (MAs) on the daily chart for ADA/USD show that the 50-day MA is trading above the 20-day MA in a bullish crossover. This indicates that buyers have an advantage over sellers in the current market situation and could potentially take Ethereum higher to test new highs. The MACD is also signaling a bullish trend as the MACD line has crossed above the signal line into positive territory. The RSI is at 63.35 which is an indication that Ethereum is currently in overbought territory.
Ethereum price analysis: ETH values $1,715 as the bullish trend expands
The 4-hour timeframe for the Ethereum price analysis gives the lead to the buyers as well, as the price has been improving since the start of the trading session, following the previous’s day bearish lead. Overall, the bulls have been in the lead since the start of today, with some high spikes also recorded. The current scenario has been quite favorable for the bulls as they have cornered bears successfully. The coin value has increased up to $1,715 former high during the last four hours.
The RSI indicator has been on an uptrend for the last few hours and has now reached an index of 76.27; it may push northward in the upcoming trading hours to touch overbought levels. The 4-hour Moving average (MA) is currently at $1,661, indicating that a bullish trend might follow in the upcoming hours. The MACD indicator has been raising a green flag for the buyers, as it is now moving out of the negative zone and crossing above the signal line from below.
Ethereum price analysis conclusion
Overall, Ethereum price analysis shows that ETH/USD is in a bullish trend, with a price trading at $1,715. The current market conditions are favorable for buyers as the RSI and MACD indicators are both showing bullish signals. If Ethereum manages to maintain these levels, then we can expect it to target new highs in the near future. However, if the price falls back below $1,579, then this could cause a sharp decline in prices and lead to a possible bearish correction. Thus, investors should be cautious and keep an eye out for any potential changes in the market.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
