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Ethereum price analysis: ETH spikes above $1500 after a strong bullish run

Ethereum price analysis: ETH spikes above $1500 after a strong bullish run
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • The strongest support is present at $1212.
  • Ethereum trades at $1569 at the time of writing.

Today’s Ethereum price analysis shows a bearish trend gaining momentum with bullish possibilities. ETH/USD is currently trading at $1569, up 5.64% in the past 24 hours, with a trading volume of $28,783,769,541. The market capped yesterday in tremendous momentum and is opening today with hopeful bullish signs adding to yesterday’s spike above the $1600 mark. In addition, the volatility decreases, giving the bulls more opportunity for a tremendous comeback. The live market cap of ETH is $190,541,426,198, and it ranks #2 in the cryptocurrency rankings.

ETH/USD 4-hours analysis: Latest developments

Ethereum price analysis indicates market volatility following a decreasing trend, which means that ETH/USD prices are decreasingly prone to fluctuating volatility. The Bollinger’s band’s upper limit is $1621, which acts as the most substantial resistance for ETH. Conversely, the lower limit for the Bollinger’s band is available at $1212, which serves as the most vital support for ETH.

The price of ETH/USD appears to cross over the Moving Average curve, signifying a bullish movement. Moreover, bulls have been taking care of the market for the last few hours and will maintain their momentum. However, the price appears to show increasing dynamics by moving towards the resistance. The trend might soon shift as the market moves towards a breakout. However, there is also a strong possibility that the bulls will maintain their momentum and move in for a robust long-time reign.

image 184
ETH/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 71, which puts cryptocurrency in a significantly overvalued state. However, we can trace the RSI following an upward path in the overvalued region, indicating the dominance of buying activity. If the RSI decides to move further towards a dominant buying activity era, a reversal movement will become inevitable, and the bears will have their chance at glory again. However, this movement might be maintained by the bulls.

Ethereum price analysis for 1-day

Ethereum price analysis reveals the market volatility to enter an upward movement; it’s beginning to increase as the resistance and support bands move apart. The cryptocurrency price will follow the volatility and become more susceptible to volatile change. The Bollinger’s band’s upper limit is $1505, acting as a support point for ETH. The lower limit of the Bollinger’s band is present at $903, representing another support of ETH.

The ETH/USD price appears to cross over the Moving Average curve signifying a bullish movement. The price moves upward towards positive dynamics. It seems that the bulls have claimed the market for themselves and are on their way to maintaining this dominion for the next few weeks. The price has crossed the resistance band and caused a breakout, and the volatility bands seem to threaten the bulls.

image 185
ETH/USD 1-day price chart source: TradingView

Ethereum price analysis reveals the Relative Strength Index (RSI) to be 67, indicating that the cryptocurrency is overvalued. As a result, Ethereum falls in the inflated region. However, its position is bound to change as the RSI score follows a linear movement indicating equal buying and selling activity. This also indicates that the price will move downwards as the RSI has spent enough time in the inflation region; a reversal seems inevitable now.

Ethereum Price Analysis Conclusion

Ethereum price analysis concludes that the cryptocurrency packs massive potential for positive movement; however, for now, the market has broken, which will cause hindrances in the way of bulls. Nevertheless, the market appears to stay consistent in its movements and might keep it stable for a while.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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