Ethereum price analysis: Bulls continue to lead as ETH finds recovery at $1,586

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis shows strong bullish signs
  • ETH/USD faces rejection at $1,587 which is the next target for bulls
  • Support for ETH is seen at $1,529

Ethereum price analysis reveals that bulls are striving to elevate price levels at the time of writing. After rising from lows of $1,529 to highs of $1,587 this week, ETH has taken a leap forward and is currently trading at around the $1,586 mark. Ethereum has gained a value of around 2.26 percent due to the spike in price today, which is a major achievement for the cryptocurrency, though still ETH/USD shows a bullish bias and could continue to set new highs in the near future.

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. ETH is crossing the $1,586 level at the time of writing, ahead is the most crucial resistance of $1,587. This will be the key level to watch for as ETH bulls look to gain momentum and push prices further upwards. On the downside, support can be found at $1,529 which is a key level for ETH investors and traders. A break below this level could set off a major sell-off in ETH/USD pair. The downtrend was on today’s trading session but the bulls are striving to recover and push prices back towards the highs of $1,600.

image 333
ETH/USD 24-hour chart: TradingView

The 50-MA and 100-MA are both above the price of ETH, which shows a strong bullish trend in the market. The 100-MA has crossed the 50-MA, which could signal an uptrend in ETH/USD pair. The Relative Strength Index (RSI) is currently at 68.92 and pointing upwards, which indicates that Ethereum is overbought and is looking for a correction in price levels. The MACD shows a bullish trend and is slowly gaining strength, further suggesting that bulls will lead the charge in ETH/USD pair.

Ethereum price analysis 4-hour price chart: 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 $1,586. 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 $15,00 to reach the current price of $1,586.

image 332
ETH/USD 4-hour chart: TradingView

Furthermore, the 4-hour relative strength index (RSI) shows a strong market valuation for ETH at 72.13, Meanwhile, the moving average convergence divergence (MACD) curve continues to trend along a bullish divergence with bulls targeting higher levels. A crossover between SMA 20 and SMA 50 had been recorded in the prior weeks as well which further confirms the bullish lead in the ETH/USD pair.

Ethereum price analysis conclusion

Overall, Ethereum price analysis shows strong bullish signals in the short term. Bulls are striving to push the price of the ETH/USD pairs higher and are currently targeting the $1,587 level. A break above this key resistance could lead to a further rally in Ethereum and might push price levels toward the high of $1,600. Support is seen at $1,529 which could be crucial in case of a pullback in prices.

While waiting for Ethereum to move further, see our articles on how to buy PolkadotFilecoin, and Polkadot.

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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