Ethereum price analysis: ETH takes a leap forward to $1,273 as bullish momentum intensifies

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis shows strong bullish signs
  • ETH/USD faces rejection at $1,302
  • Support for ETH is seen at $1,263

Ethereum price analysis reveals that bulls are striving to elevate price levels at the time of writing. After rising from lows of $1,263 to highs of $1,302 this week, ETH has taken a leap forward and is currently trading at around the $1,273 mark. Ethereum has gained a value of around 0.59 percent due to the spike in price today, which is a major achievement for the cryptocurrency, though still ETH/USD shows a minor deficit in value over the past two days.

ETH/USD 1-day price chart: Bulls strive for recovery after loss

The 1-day price chart for Ethereum price analysis shows a significant improvement in price as bulls rally ahead. In the past week, As ETH is crossing the $1,273 level at the time of writing, ahead is the most crucial resistance of $1,302. This will be the key level to watch for as ETH bulls look to gain momentum and push prices further upwards. Looking ahead, support is at $1,263, which will be an important level to monitor if ETH fails to break above $1,302. The 50-MA and 100-MA are both above the price of ETH, which shows a strong bullish trend.

image 23
ETH/USD 1-day price chart, Source: Tradingview

On the other hand, the 24-hour relative strength index (RSI) has moved well into the overbought region over the past 24 hours and sits at 42.36. Trading volume also rose more than 8.86 percent over the past 24 hours to present a further bullish state of the market for ETH where buyers are committing to the uptrend. Meanwhile, the moving average convergence divergence (MACD) curve can also be seen forming higher highs above the neutral zone.

Ethereum price analysis: Will bulls consolidate for a further rally

The 4-hour Ethereum price analysis indicates that cryptocurrency has gone through an uplift which has taken the price value to $1,273. The last hours have been highly profitable for the buyers as the bullish candlestick continues to grow, highlighting bullish momentum.  Yet, in this hour, the price has gone through a major shift as it has crossed the psychological level of $1,300 to reach the current price of $1,273.

image 18
ETH/USD 4-hour price chart, Source: Tradingview

Furthermore, the 4-hour relative strength index (RSI) shows a strong market valuation for ETH at 67.59, Meanwhile, the moving average convergence divergence (MACD) curve continues to trend along a bullish divergence with bulls targeting higher levels. The Moving average is currently at $1,279 with the 50-MA line also above the 100-MA line.

Ethereum price analysis conclusion

To conclude, in the Ethereum price analysis, it can be inferred that the trends have been greatly in favor of the bulls. The price has reached $1,273 today, as the buyers have contributed well enough to make this possible. The support levels have also been maintained at $1,263, which gave the bulls an edge to move forward easily. The resistance at $1,302 is almost near the actual price value and can be crossed soon as per the predictions.

While waiting for Bitcoin to move further, see our long-term price predictions on ChainlinkVeChain, and Axie Infinity.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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