Ethereum price analysis is bullish as it shows the cryptocurrency price has been continuously on the increase for the past few days. The market has been following a bullish trend today as the price reached $1,265, and the bullish trend seems strong. The bulls have been continuously in the lead and there is strong resistance at the $1,302 mark. However, if the Ethereum coin continues with its momentum and breaks through this resistance level, it could potentially rise even further.
Ethereum price analysis for 1 day: The market succeeds in switching the trend
The one-day Ethereum price analysis shows the balance of power is completely on the bullish side as they have made significant gains since the start of the trading session. The crypto pair is trading hands at $1,265 at the time of writing, and the gains are on the higher side as the coin reports an increase of only 0.13 percent in value for the last 24 hours. The weekly gains are also amounting to 5.62 percent, which is a hopeful indication; the trading volume has also increased by 17.57 percent today. The moving average (MA) is also moving upwards and is present at $1,266, and a crossover with SMA 50 is highly expected in the coming hours.
The volatility for Ethereum is mild, as is suggested by the Bollinger, with the Upper band at $1,302 representing the strongest resistance and the lower band at $1,260 representing the strongest support for ETH, making an average of $1,266. The price trades between the mean centerline and the upper limit of the volatility indicator. The relative strength index (RSI) curve is traveling upwards at a steep curve and has reached index 46.22, hinting at the buying momentum in the market.
Ethereum price analysis 4-hour chart: ETH to reach $1,302 next?
The 4-hour price chart for Ethereum price analysis shows price action upwards for the last four hours. The price breakout was in the upwards direction today, and the price is touching the $1,265 level now. Bulls have been in the lead for the past 24 hours, and a small correction was also observed prior to this, which lasted up to 24 hours. However, the bulls are taking the price further up at the moment dominating the market.
The volatility is comparatively high on the 4-hour chart as the Bollinger Bands average is forming at $1,267, while the upper band is at $1,304, and the price has shot above the upper band, and the lower band is at $1,243. The RSI has also entered the overbought zone on the four-hour chart and is showing a score of 53.01, indicating buying momentum in the market.
Ethereum price analysis conclusion
Ethereum price analysis shows that the coin is showing strong bullish price action for today. The price has reached $1,265, and further recovery seems possible. We expect ETH to continue moving upwards for today. However, selling pressure may return near the $1,302 level.
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