The Ethereum price analysis is bullish today as the price has broken above the $1,542 mark. ETH has shown good progress during the last past hours as the bulls have continued to push higher. There is potential for further price rallies, and we could see Ethereum retest the $1,556 resistance.
The bulls have been able to keep the momentum going with increasing buying pressure and higher volumes being seen on the ETH/USD pair. The $1,542 level has proven to be a strong support so far, as it has rejected any potential downside moves in recent days. The bearish were also present today, with a slight retracement of the ETH/USD pair taking place. However, the bulls were quick to defend the $1,542 level and managed to keep the price above this mark. The current trend is bullish, and Ethereum could attempt to break higher in the coming days.
ETH/USD 1-day price chart: ETH price recovers as bulls get closer to $1,550
The one-day chart for Ethereum price analysis shows that the bullish momentum is strong, and a further price increase is expected in the coming hours as bulls continue their rally. ETH/USD also reports an increase in price value by 0.99 percent during the last 24 hours, with a 24-hour trading volume of $6.998 Billion and a market cap of $176.6 billion.
Despite a slight retracement last few days, the overall technical indicators are still showing strong bullish signals, suggesting that there is plenty of upside potential for ETH/USD in the near future. The moving average (MA) is at the $1,396 mark, and the MACD is showing increasing buying pressure, suggesting that there could be more upside potential for the price of Ethereum in the coming days. The relative strength index (RSI) is trading on an upwards curve at index 66.13, hinting at the buying activity in the market.
Ethereum price analysis 4-hour chart: Price drawbacks to $1,542
The four-hour Ethereum price analysis shows that bulls have gained momentum over the previous hours as the ETH has been moving in a strong uptrend, reaching the $1,556 resistance level. As long as the price of ETH remains over this resistance level, there is potential for further rallies, and we could see Ethereum hit the $1,556 resistance mark soon.
The relative strength index (RSI) on a 4-hour chart is moving in the upper half of the neutral zone with much more room for further bullish practice as the indicator trades at index 75.87. The moving average is currently above the price action of ETH, indicating that the uptrend could continue in the coming hours. The histogram on MACD is green in color, as also the signal line is above the MACD line and indicates positive signs for PancakeSwap.
Ethereum price analysis conclusion
Overall, Ethereum price analysis has performed well over the past 24 hours, and there is plenty of upside potential for ETH/USD. As long as bulls continue to drive higher, we could see Ethereum hit new highs in the near future.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
