Ethereum price analysis is showing a bullish trend in the market. The price of ETH has been steadily rising over the past few hours, with the bulls firmly in control. The ETH/USD pair is trading at around $1,664, which is a new all-time high. The Ethereum network has been doing well lately with the number of daily active addresses increasing significantly. This indicates that more users are participating in the Ethereum blockchain and this will likely support prices.
The buying pressure is strong and ETH is expected to continue its upward trajectory. However, the bulls will have to contend with some resistance at $1,672. If they are able to break through this level, then Ethereum prices could surge further up. On the downside, there is significant support at $1,611 and if this holds, then ETH could move higher.
The market capitalization of Ethereum is also on the rise, indicating that institutional investors and other large-scale buyers are starting to enter the market. Currently, the market cap is over $200 billion, and this could increase further as more buyers enter the market. The 24-hour trading volume has also increased significantly, showing that a lot of activity is happening in the Ethereum market.
ETH/USD 1-day price chart: Ethereum bulls target the next resistance at $1,672
The 1-day price chart for Ethereum price analysis shows the price has been on the rise for the last few hours as bearish momentum fades. The bulls are firmly in control and the price has broken through several key resistance levels. The ETH has surged by almost 0.62% in the past hours and is likely to move higher as buyers look for a new target.
The volatility has slightly increased for ETH/USD as the Bollinger bands expand, indicating that the market could experience more volatility in the near term, With the upper Bollinger band at $1,684, while the lower band is at the $1,547 level. The moving average (MA) is also moving upwards, showing that the bulls are firmly in control of the market. The relative strength index (RSI) is on an upwards curve moving towards the overbought limit but still in the neutral zone at 62.35.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour price chart for Ethereum price analysis shows the bullish momentum is still strong. The bulls have been able to push the price higher despite some minor pullbacks. The bullish pattern is still intact and ETH is expected to continue its upward trajectory.
The volatility for the coin has increased enormously with the upper Bollinger band at $1,681 and the lower band at $1,608. The Relative Strength Index (RSI) is in the overbought zone but still at 47.15, indicating that the bulls are firmly in control of the market. The moving average indicator is also on an upwards trajectory at $1,635 and is expected to continue moving up.
Ethereum price analysis conclusion
The Ethereum price analysis suggests a strong bullish momentum as the market is showing very positive sentiment for the cryptocurrency. The buying pressure is strong and ETH could move higher as buyers look for a new target. The volatility has increased significantly and the bulls are firmly in control of the market.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
