Ethereum price analysis shows a bullish trend at $1,627 as ETH trades in a sideways direction with a slight bullish bias. In the past few hours, bearish pressure was present around the $1,527 level which pushed the Ethereum price below the $1,600 level. However, a strong bounce was seen from this support and ETH/USD is now trading above it.
The next major resistance for ETH/USD is present at $1,627. If the bulls manage to break this level, we can expect higher levels in the Ethereum price analysis. On the downside, $1,567 is seen as a strong support level which if breached can open up further declines.
The selling pressure is increasing in the Ethereum price analysis as more sellers are entering the market. The trading volume also remains low at $5.6 billion, indicating that the bulls are unable to push Ethereum’s price higher. The market cap of Ethereum is currently at $5.62 billion and the 24-hour trading volume stands at $199 billion.
ETH/USD 1-day price chart: Bullish rally advances toward its next destination
The one-day Ethereum price analysis confirms a strong bullish trend for today as the coin value has undergone a considerable improvement. The effort from the sellers’ side remained weak, which has allowed the ETH/USD pair to break out of the resistance levels and move towards its next destination.
The bulls have maintained their dominance in the Ethereum price analysis as buyers continue to enter into long positions. The RSI is also moving higher and is currently at 52.34, indicating that there is more room for further upside. The MACD is also showing a bullish crossover, as the signal line is moving above the histogram. The moving average indicator is currently at $1,651, which is above the current price of Ethereum.
ETH/USD 4-hours analysis: Latest developments and further technical indications
The hourly Ethereum price analysis favors cryptocurrency buyers as a strong rise in ETH/USD value was detected in the past few hours. The bulls have been dedicated to rewin their leading position in the market, and so far, their progress has been fascinating. The price experienced a rise to $1,627 in the last four hours because of the upturn.
At the same time, the price crossed below the moving average indicator, which can be seen as a sign of bullish strength. The MACD is also moving up and the signal line is above the MACD line, pointing to an increase in buying pressure. The RSI has been stuck around 53.00 for some time now, indicating that Ethereum’s price may continue to rise if buyers remain active in the market.
Ethereum price analysis conclusion
The bulls have been reigning high, as confirmed by the above Ethereum price analysis. An overpowering bullish wave dominated the market in the past 24 hours as well, and the price has increased up to $1,627. The bullish current is expected to continue in the upcoming hours.