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Ethereum price analysis: ETH soars to $1,592 as a bullish trend takes control of the market

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis shows a strong bullish trend
  • Resistance for ETH/USD is present at $1,594
  • Support for ETH is present at the $1,553 level

Ethereum price analysis reveals ETH price action has been bullish in the last 4 hours, surging from around $1,553 to over the $1,592 mark. The recent surge was triggered by a sudden influx of buying pressure which has supported the bulls in this crypto-assets market.

Ethereum has been showing a steady bullish trend since the beginning today’s evening and it appears that this positive momentum is likely to continue in the near future. It should be noted that Ethereum’s current price level is still well and aiming for its all-time high of $1,600.

In terms of support level, ETH/USD is currently supported at the $1,553 level. On the upside, resistance for Ethereum is present at the $1,594 mark. However, if bulls manage to break this level of resistance, we could see an even stronger bullish trend in the near future. And if bearish pressure continues, Ethereum could drop to its support at $1,553.

ETH/USD 1-day price chart: Tremendous increase in price as bulls regain momentum

The daily Ethereum price analysis is giving the bulls a lead as the price levels jumped to $1,592 after a strong bullish rally. This has surprised the analysts and turned many towards the buying side after the sudden shift in the market trend. The coin gained a good 0.15 percent value during the last 24 hours, and the profit gain equals 18.59 percent if observed over the past seven days.

image 353
ETH/USD 1-day chart: TradingView

The calculated moving average (MA) over the past week has been $1,464, which has been going up during the past week. The bullish action is further indicated by the Relative Strength Index (RSI) which currently stands at 71.47, indicating that the asset is overbought and could face resistance as it moves forward. Moreover, The Moving average convergence divergence (MACD) has also indicated a strong bullish trend, as histogram bars have to widen to the upside.

ETH/USD 4-hour price chart: Strong bullish trend pushing the price to its highest level

The 4-hour Ethereum price analysis shows an increase in the ETH coin value as the price has reached $1,592. The weekly analysis is also in favor of bulls as it tells that the buyers have dominated the market and helped the cryptocurrency rise slowly. Today’s case has proved to be the same, rather much more overwhelming, as the Moving Average (MA) has moved up to $1,568.

image 354
ETH/USD 4-hour chart: TradingView

The Relative Strength Index (RSI) is showing a score of 68.67, which is moving towards the over-bought limit, as the past week has been favorable for cryptocurrency, and an overwhelming buying activity has taken over the market today. The MACD is also supporting the bullish trend, as red and blue lines have crossed upwards and widened to the upside.

Ethereum price analysis conclusion

From the above Ethereum price analysis, it can be inferred that today’s trend has proved to be in favor of the buyers as the price levels increased tremendously to $1,592 during the day. Both the 1-day and 4-hours price charts have been showing strong support for cryptocurrency, as the price function has been headed upward for the last few hours.

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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