Ethereum price analysis: ETH recovers at $1,695 after bullish fightback

Ethereum Price analysis

TL;DR Breakdown

  • ETH/USD consolidated between $1,675 – $1,716 for the last 24 hours
  • As of this writing, Ethereum is trading at $1,695 against the US dollar
  • Ethereum price analysis shows a bullish bias in the market

Ethereum price analysis is highly bullish for today as the buying momentum has been continuously growing today. The bulls and the bears have been in a battle and the Ethereum price has been increasing steadily. ETH/USDT pair is currently trading at $1,695 and is making a strong move towards the next resistance level at $1,716, if it manages to break above this level, then it might reach as high as $1,750.

image 336
Cryptocurrencies price heat map, Source: Coin 360

The bullish momentum is primarily driven by the increase in the volume of trading and demand for ETH tokens. According to data from CoinMarketCap, the 24-hour trading volume of the crypto is currently at $6.67 billion, while the market cap for the coin stands at around $207 billion.

ETH/USD 1-day price chart: Ethereum bulls target the next resistance at $1,716

The 1-day price chart for Ethereum price analysis shows that the coin is covering the range upwards at a good pace as the price has reached up to the $1,695 level at the time of writing. The crypto pair has gained a value of 0.05 percent over the last few hours with the bears trying to keep a lid on the price. However, if bearish success, Ethereum could see a drop to the $ 1,640 level before it attempts another upward push.

image 335
ETH/USD 1-day price chart: TradingView

The MACD indicator indicates an emerging bullish trend in the market as the blue line is above zero and has crossed over with the red line which is moving upwards. The RSI is currently transacting in positive territory and stands at $61.91 which is indicating that there is room for more upside in the price of Ethereum. The 50-day moving average and 200-day moving average are also in line with the overall bullish trends seen in the Ethereum price analysis.

Ethereum price analysis: Recent developments and further technical indications

The 4-hour Ethereum price analysis shows that the ETH/USD is on an uptrend continuously from the last few hours, slightly correcting earlier. Overall the uptrend is steady with small increments in price followed by very few corrections in between, but yet no high spike in price has been observed.

image 334
ETH/USD 4-hour price chart: TradingView

The Technical indicator MACD shows the occurrence of a bullish crossover on the hourly chart due to which the histograms have turned green. The RSI is also indicating a bullish trend as it has crossed the value of 50 and stands at 53.92 which indicates that buying pressure is increasing in the market. The moving average indicator is currently transacting in the positive zone and indicating that the price of the coin is currently on an uptrend at the $1,591 level.

Ethereum price analysis conclusion

Overall, Ethereum price analysis shows that ETH/USD is in an uptrend and may reach the next resistance of $1,716 before it retraces back down. The bulls are dominating the market at the moment and if they continue to do so then we can expect more upside momentum in the price of Ethereum.

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.

Related News

Hot Stories

Dogecoin price analysis: As bullish sentiment picks up, DOGE moves higher above $0.0750
Coinbase plans to stay in Canada; Binance likely to exit as regulations for crypto exchanges tighten
How Developer Happiness Affects Team Productivity in Blockchain Development
Paxful refunds Earn Program users affected by Celsius Network collapse
Looking Into 2023 and Beyond: How Can We Fast-Track Crypto Mass Adoption?

Follow Us

Industry News

Paxful refunds Earn Program users affected by Celsius Network collapse
VIP treatment elsewhere? Do Kwon says his arrest shocked him
Joe Biden says banking crisis is not over yet - Here is why
Breaking: Signature Bank kicks crypto clients to the curb
Metamask warns of "false rumors" of airdrop

Add Your Heading Text Here