Ethereum price analysis: ETH set to break above $1,262 on bullish strength

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis shows a bullish trend
  • The resistance level for ETH/USD pair is present at $1,263
  • The current support level is $1,207

Recent Ethereum price analysis indicates that the digital asset has gained over 4.49 percent in the last 24 hours and currently trading at $1,262.The ETH/USD pair is facing strong resistance near the $1,263 level, which is preventing the bulls from pushing the price higher. Ethereum opened the daily trading session at $1,210 and quickly rose to the current level.

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Cryptocurrencies price heatmap: Coin360

The broad market sentiment is positive, with most of the major cryptocurrencies in the green. Bitcoin gained over 1.56 percent, while ripple surged by 1.64 percent, and other altcoins also rallied.

ETH/USD 1-day price chart: Bulls feel the exhaustion

The one-day chart for Ethereum price analysis shows a rise in price as the bulls are carrying on their lead to recover the price value. The price has moved up to the $1,262 level today, which is encouraging for the buyers as the coin price is going up. On the other hand, the previous year was highly unfavorable for them as the coin was trading at around $1,205 at the end of the year.

image 69
ETH/USD daily chart: TradingView

The MACD indicator shows a bullish crossover, which is pushing the price upwards. The RSI is also moving toward the overbought zone, which is a sign of a bullish moment. The EMA lines are also seen in the positive zone, as 20 and 50 EMA lines are crossing each other in the upward direction. It is evident from the Ethereum price analysis that the bullish strength is getting stronger and it is likely to break above the $1,263 level soon.

Ethereum price analysis: Recent developments and further technical indications

The bulls have taken advantage of the situation as the price increased once again in the last couple of hours. The 4-hour Ethereum price analysis shows signs of bullish activity resuming back as the price levels increased to $1,262. The moving average value, on the other side, is trading below the price level, which is present at $1,255 because of the uptrend that has been observed during the last few days.

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ETH/USD 4-hour chart: TradingView

The Exponential Moving Average (EMA) indicator is seen above the price level and it is expected to provide support to the uptrend in the near future. On the other hand, the Relative Strength Index (RSI) is trading near the overbought area, which means that the trend can reverse anytime soon. The MACD indicator is in the bullish zone and it is likely to push the price further up.

Ethereum price analysis conclusion

The one-day and four hours Ethereum price analysis shows that the price has increased due to the bullish up move of today. The price has been uplifted in the last 24 hours, which means that there is a strict chance of the bulls continuing their lead in the future. The cryptocurrency price is now at $1,262, which is a comparatively stable position. We expect the cryptocurrency to continue moving upward for today; however, the bulls seem to be exhausting up, and a correction might also come in.

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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