Ethereum price analysis: ETH elevates up to $1,563 after a bullish  run

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis saw a gradual uptrend in the last 24 hours
  • The ETH/USD token is facing strong resistance at the $1,565 level
  • Further gains can be expected if the broader market continues to rally

Ethereum price analysis is dictating an increase in the price value today. The price levels are increasing continuously, creating a swift bullish movement on the price charts. The coin value is $1,563 currently, and it has increased by 1.89 percent in the last 24 hours. This comes as the entire cryptocurrency market experiences a broad-based rally following the recent up.

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Cryptocurrencies price heatmap, Source: Coin 360

ETH has been under a strong upward movement in the last 24 hours, moving from an intra-day low of $1,528 to its current level of $1,563. The token is currently facing strong resistance at the $1,563 level, and a break above this level could see further gains for ETH in the next few hours.

The overall cryptocurrency market has also been on an uptrend in the last 24 hours, with Bitcoin climbing by over 1.43%. This positive trend is expected to bode well for ETH as well, potentially leading to further gains in the near future.

Ethereum price analysis 1-day chart: ETH Bulls efficiently grow above $1,563

The 1-day price chart for Ethereum price analysis shows cryptocurrency analysis is going bullish today as more buyers have approached the market. The bullish momentum has been continuous and has successfully been able to dodge past the major bearish trend clenching over the broader cryptocurrency market.  The ETH/USD pair is currently well positioned above the moving average lines on the 24-hour chart, indicating that it is in a bullish trend in the short term. Traders may want to keep an eye on the $1,565 resistance level and consider opening long positions if it is successfully breached.

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ETH/USD 24-hour chart: TradingView

The market volatility for ETH/USD pair is presently high, as indicated by the widening Bollinger Bands. This shows that the market might continue to see some price swings in the near term. Further technical analysis and developments indicate a positive outlook for the ETH in the daily chart as the relative strength index (RSI) is well above the 50 mark.

Ethereum price analysis: Recent developments and further technical indications

The 4-hour Ethereum price analysis is dictating a rise in price as the bullish candlestick has returned to the price chart. The cryptocurrency faced massive bearish resistance in the last week as the price underwent a significant decline. But today, the bulls are trying to recover back after staying under the bearish shadow for quite a long. As a result, the price has heightened up to the $38.17 level, which is slightly below the moving average (MA) level i.e. $1,548.

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ETH/USD 4-hour chart: TradingView

The bulls have defended the 200-day moving average line and pushed past the 50-day average as well, with the Bollinger bands expanding over a larger area on the charts, which may be a positive hint for the future of cryptocurrency.

The Bollinger’s bands are showing the following values; the upper band is present at $1,595, while the lower band is present at $1,510 at the time of writing. The RSI is increasing continuously, hinting at a potential upside in the coming hours. As Ethereum price analysis is seeing strong gains today and further progress can be expected if the broader market continues to rally.

Ethereum price analysis conclusion

Ethereum price analysis indicates a continuous increase in the price levels for the past 24 hours. Even when the broader market was under bearish pressure, ETH/USD continued upside, which shows its potential. After the continuous bullish momentum, the price has increased to $1,563 as a result.

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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