Ethereum price analysis has seen significant price growth over the past 24 hours, rising by 0.38% and setting a new high of $1,222. This comes after a breakout from a symmetrical triangle pattern, indicating a clear uptrend for the token. The ETH price opened the daily trading session at an intra-day low of $1,203, steadily climbing throughout the day to reach its current price of $1,216 at press time.
The week has been mixed for ETH, but the current price action suggests that a bullish trend may be on the cards. The last week the bearish pressure pushed ETH/USD pair toward the $1,200 level, but the strong uptrend from $1,203 to the current price of $1,216 indicates that the bulls are trying to take control.
ETH/USD 1-day price chart: uptrend causes price rise up to $1,216
The 1-day Ethereum price analysis confirms a bullish trend for cryptocurrency, as the ETH/USD value has increased significantly. A considerable degree of increase in coin value is being detected due to emerging bullish efforts. If the buyers remain persistent, it can be predicted that the price will increase further in the next coming hours. The price is now standing at $1,216, and a further increase is expected today.
The price has been trending higher in recent days and the RSI indicator is currently at 46.70 which is in the overbought region, meaning that a pullback could occur in the near term. The MACD indicator is also in bullish territory and is currently above the signal line, suggesting that prices could continue to move higher. The coin is trading above the 20-day moving average (MA) and the 50-day MA, which is a bullish sign.
Ethereum price analysis: Recent developments and further technical indications
Looking at the 4-hour Ethereum price analysis chart, we can see that the ETH/USD pair is trading above a key ascending trendline. This indicates that buyers are in control and could push prices higher if they remain persistent. ETH/USD is trading between the $1,203 and $1,222 levels, with a breakout above the latter needed for further upside.
The RSI indicator is currently at 52.11, and the MACD indicator is positive and above the signal line, suggesting that bulls are in control of the market. The coin is also trading above the 20-day MA at $1,182 and the 50-day MA at $1,134, which is a bullish sign. However, if the price fails to break through the $1,220 level, a pullback could occur in the near term.
Ethereum price analysis conclusion
In conclusion, Ethereum has been in an overall uptrend for the past hours and it could continue higher if buyers remain in control. As bulls have been in the driving seat for the past 24 hours, a correction may appear in the coming hours if bears show any activity. But if the buying momentum continues, then ETH may continue upside above the $1,216 mark.
While waiting for Ethereum to move further, see our articles on how to buy Polygon, Shiba Inu, and CAKE.