Ethereum price analysis is bullish for today as the coin is enjoying a bullish swing. The price trend after the flash crash of the previous day, which saw the ETH/USD dip below $1,554 has been a recovery. The bulls have been leading the rally and the pair is trading near $1,594.
The ETH/USD is currently trading in the range of $1,553 to $1,632. The pair is likely to remain in this range if it fails to breach the resistance levels at $1,632. On the downside, support lies at around $1,554. And if the price breaches the support levels, then it can move towards $1,510.
The buying pressure is strong as the trading volume is increasing day by day. This has resulted in the pair rising above $1,554 and is now trading near its all-time high of $1,632. The market cap of Ethereum currently stands at around $195 billion with the 24-hour volume of ETH/USD trading at $195 billion.
Ethereum price analysis daily chart: Bulls guide the price above $1,554 horizon
The one-day Ethereum price analysis gives an optimistic indication for cryptocurrency buyers as the price increases during the day. The bulls have managed to control the price movement for today, and the market analysts have observed a tremendous rise in ETH/USD value. The bulls have managed to trade above the support level of $1,554 and are now eyeing the next resistance level at $1,632.
The moving averages have also provided support for the bullishness as the 50-day moving average (MA) and the 200-day MA have crossed over, which is a sign of price strength.
The present surge in demand for ETH coins has caused a price spike, as indicated by the Relative Strength Index (RSI) which noted it had hit an overbought. This is often indicative of a trend reversal that could result in market stabilization. The Moving average coverage divergence (MACD) also showed a bullish momentum in the price movements as the MACD line crossed over the signal line.
Ethereum price analysis: Bullish upstream recovers coin value up to $1,594
The four-hour Ethereum price analysis shows that the bulls have successfully taken advantage of the situation by securing their winning seat once again. The four-hour price chart displays a series of green candlesticks advancing toward their next target. Although a downtrend caused unfavorable circumstances for the market earlier this week, the past few hours have heightened the coin value to $1,594.
The moving average value is currently at $ 1,586 and is trending in the same direction as that of the ETH/USD pair. The MACD line also showed an increase in bullish momentum as it continued to surge above the signal line. The relative strength index (RSI) has been overbought for some time now, indicating a trend reversal from bearish to bullish conditions. The RSI value currently stands at 44.39, which is a sign of bullishness in the market.
Ethereum price analysis conclusion
According to the Ethereum price analysis, the token is currently trading in a strong bullish formation. The buying pressure has been very strong in the past few days and the market seems to be ready for an uptrend. The bulls have been leading the rally for today and are likely to remain in control if Ethereum breaches the resistance levels at $1,632.