Ethereum price analysis: ETH value upgrades to $1,723 as bullish exhibit control

Ethereum price analysis

TL;DR Breakdown

  • The ETH/USD pair has shown bullish momentum in the past 24 hours.
  • Ethereum has surged by 3% over the last 24 hours, reaching a week-high of $1,723.
  • The resistance level for coins is $1,779, which is expected to break soon.

Ethereum price analysis shows signs of an uptrend today as the buying momentum is seemingly intensifying. The price covered an increasing movement during the day as more buyers are investing in cryptocurrency. Currently, the coin value stands at $1,723 high, and chances of further uptrend seem near. Although the price underwent a sharp decline at the start of the week, the bulls have secured their wins for now.

At present, ETH is trading within a tight range, and it has been consolidating for quite some time. The market cap for ETH has increased significantly to $210 million over the past 24 hours, indicating that more investors are eager to get involved with the coin. With the trading volume at $15 billion, the buyers seem to be in charge of the network.

Ethereum price movement in the last 24 hours: ETH/USD moves above $1,700

The 1-day Ethereum price analysis chart shows that the market has been in a bullish trend for the last 24 hours after prices surged past the $1,700 level. The bulls may attempt to push prices higher and break past the resistance at $1,723 in the near future. The prices are trading in an ascending triangle pattern, which is a bullish pattern. This pattern generally resolves itself to the upside, which means that the bulls are likely to push prices higher in the near future.

image 302
ETH/USD 1-day chart. Source: TradingView

The Moving Average (MA) value is $1,554. The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows high bullish momentum, as observed in the deeper green color. The RSI has been trading in the overbought zone, which further confirms the dominance of the bulls. Therefore, we can be optimistic about the future of the ETH price as it continues to flash green signals.

ETH/USD 4-hour price chart: Bulls mount pressure on ETH price

The 4-hour price chart for Ethereum price analysis shows a considerable increase in ETH/USD price has been observed during the last few hours. The price has started to recover again as a result of the constant bullish efforts. The latest upturn in price has elevated it to the $1,723 level, which has proved to be quite helpful for the overall cryptocurrency value.

image 303
ETH/USD 4-hour chart. Source: TradingView

The 50-MA and 100-MA are crossing over each other in a bullish crossover, indicating a strong uptrend. Furthermore, the 200-MA is also trading above the current price, indicating a bullish market. The RSI is trading at 64.27, and it has been consistently hovering in the same range since yesterday’s close. The MACD is also trading in the bullish zone and has been increasing since yesterday’s close. In addition, the Signal line is also trading above the MACD line, indicating a bullish trend.

Ethereum price analysis conclusion

The Ethereum price analysis shows that the coin has been in a state of steady bullishness since yesterday. The bulls seem to be in control as they have managed to push the prices above the $1,700 level. The bullish trend is likely to continue in the future, as the buying momentum is still strong and the technical indicators are flashing green signals. Therefore, investors should look to buy on dips in order to benefit from this bullish trend.

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.

Related News

Hot Stories

Dogecoin price analysis: As bullish sentiment picks up, DOGE moves higher above $0.0750
Coinbase plans to stay in Canada; Binance likely to exit as regulations for crypto exchanges tighten
How Developer Happiness Affects Team Productivity in Blockchain Development
Paxful refunds Earn Program users affected by Celsius Network collapse
Looking Into 2023 and Beyond: How Can We Fast-Track Crypto Mass Adoption?

Follow Us

Industry News

Paxful refunds Earn Program users affected by Celsius Network collapse
VIP treatment elsewhere? Do Kwon says his arrest shocked him
Joe Biden says banking crisis is not over yet - Here is why
Breaking: Signature Bank kicks crypto clients to the curb
Metamask warns of "false rumors" of airdrop

Add Your Heading Text Here