Ethereum price analysis

Ethereum price analysis: ETH to test the $5,000 resistance level

TL;DR Breakdown

  • Ethereum price analysis suggests upwards movement to the $5,000 mark
  • The closest support level lies at $4,750.
  • ETH faces resistance at the $4,900 mark

The Ethereum price analysis shows that ETH has made a swift recovery from the $4,600 lows to the $4,800 resistance level before breaking past the mark. Currently, ETH is at the $4,850 mark as the price observed a sharp bullish movement. At press time, the market sentiment is highly bullish, but the technicals are divided between the bulls and the bears. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include LINK and XRP, recording a 12.24 and a 6.04 percent incline, respectively. 

Ethereum price analysis: Market turns bullish as ETH breaks past $4800

Ethereum price analysis: ETH to test the $5,000 resistance level 1
Technical indicators for ETH/USDT by Tradingview

Across the technical indicators, the MACD is bearish at press time, showing strong bearish momentum as exhibited by the red histogram. The indicator exhibited a bearish crossover yesterday and has continued to show growing selling activity since then. However, the momentum has slowed then in the past few hours as the price bounced at the $4,700 mark.

The EMAs are currently contradicting each other as the 12-EMA shows movement upwards with a steep slope while the 26-EMA continues moving downwards with a gentle slope. This contradiction suggests that the MACD will exhibit a bullish crossover in the next few hours before the 26-EMA starts following the 12-EMA.

The RSI is currently trading near the edge of the neutral zone at the 68.53 index mark heading upwards. While the indicator is currently neutral, the RSI suggests that further upwards movement would issue a sell signal suggesting a correction. As such, it is unlikely that the Ethereum price analysis would observe a breakout above the $4900 mark. 

The Bollinger Bands were showing convergence, but as the price action pushes on the upper limit of the indicator, the Bands are bound to expand upwards. Overall, while the indicator shows that the traders should expect the period of low volatility has ended and Ethereum is bound to move sharply across the short-term charts.

Technical analysis for ETH/USDT

Ethereum price analysis: ETH to test the $5,000 resistance level 2
4-hour price chart by Tradingview

Overall, the 4-hour Ethereum price analysis issues a buy signal as 11 of the 26 major technical indicators support the bulls across the timeframe. On the other hand, only six of the indicators support the bears showing significant selling activity in the markets. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time. 

The 24-hour Ethereum price analysis accentuates this sentiment and also issues a buy signal with 15 of the indicators suggesting an upwards price movement against only four indicators supporting the bears across the timeframe. At the same time, seven indicators remain neutral and do not support either side of the market. 

What to expect from the Ethereum price analysis?

The Ethereum price analysis shows that the bulls have found strong support at the $4,700 mark, reversing the bearish trend across the short-term charts and jumping past the $4,800 marks. While the sharp movement leaves the price action unstable, the positive market sentiment and the strong technical analyses’ support suggest that Ethereum would continue its hike towards the $5000 mark.

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