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Ethereum price analysis: ETH curve inflates to $1,654 as buying pressure kicks in

Ethereum Price analysis

TL;DR Breakdown

  • ETH has been trending higher this week, with prices reaching new highs on multiple occasions
  • The latest resistance level can be found at $1,674, while support is currently at $1,587
  • ETH enters a consolidation phase as it looks to break this resistance and continue its bullish momentum

The latest Ethereum price analysis shows cryptocurrency trends are going in the bullish direction for today. The price of ETH/USD is increasing as it has now leveled up to $1,654 as the bulls have been successful in dodging past the bearish pressure which was seen over the past few days. ETH is likely to break out of its consolidation phase soon, as it continues to remain above the $1,650 level and has resistance at $1,674. On the downside, support can be spotted at the $1,587 mark which could lend some stability if the price falls back.

image 448
Cryptocurrencies price heatmap, Source: Coin 360

The Ethereum market has seen a surge in buying activity as buyers are trying to break the psychological resistance level of $1,674. The bulls have managed to push ETH past the key resistance level which could lead to further upward momentum. This bullish pressure can be seen in many aspects of ETH’s trading, including higher trading volume, an increase in volatility, and a rise in open interest at exchanges.

In today’s market, most of the cryptocurrencies are in the green with ETH leading the charge. Ethereum seems to be defying gravity as it is showing no signs of slowing down and might even reach a new all-time high this week. The Bitcoin market also appears to be positive, with BTC prices reaching new highs as well. These positive trends could help support Ethereum’s price and further drive up the ETH/USD pair in the coming days.

ETH/USD 1-day price chart: Price headed upwards after getting the desired push

The one-day Ethereum price analysis chart is showing signs of recovery after the bears took over the market earlier this week. The past few days have brought positive news for the buyers as the coin has been sustaining its price levels, and the trend has been unchanging for today as well. The price has moved up to the $ 1,654 level after the bulls made a comeback today. The momentum is building up at a rather slow pace as compared to yesterday’s progress.

image 447
ETH/USD 24-hour chart: TradingView

Recent ETH price analysis reveals the token has been on a strong bullish momentum after opening the daily trading session above the 50-day SMA and the 200-day SMA. The RSI indicator is above the 50 level, which is a good sign for buyers and suggests that there might be more upside potential in store. If the buying pressure continues to hold up in the coming days then we could expect ETH prices to move toward $1,700 over the next few trading sessions. The moving average convergence/divergence (MACD) is in the positive zone and further indicates that the buyers are in control of the market.

Ethereum price analysis: Recent developments and further technical indications

The latest 4-hour Ethereum price analysis shows that the price is going upward overall, as the buyers are still dominating the market. The hourly trending line has been on the bullish side since yesterday, and it is still moving in the same direction. The gains have been nominal for today as the ETH/USD price is now at the $1,654 position due to the correction observed at the start of the trading session.

image 446
ETH/USD 4-hour chart: TradingView

As yesterday’s uptrend has been of quite an impressive magnitude, it could be expected that the market will remain in an upward trajectory over the course of today. The MACD and RSI indicators are reflecting that the buyers have a strong hold on the market and they could keep the price above $1,650. The 50-day SMA and 200- day SMA is also showing a positive outlook for the market.

Ethereum price analysis conclusion

The Ethereum market is showing strong signs of recovery and the price has been on an upward trajectory for the past few days. The buyers seem to be in control over the market and it looks like ETH prices could break out of their current consolidation phase soon. The key resistance level of $1,674 needs to be broken for ETH prices to reach new highs and this could be achieved in the coming days.

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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