Ethereum price analysis: ETH consolidates upwards with $1,700 bullish target

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis shows an uptrend at $1,659 as the bulls seek to extend gains for a test of $1,700.
  • The ETH/USD has gained 1.71% in the last 24 hours, with bullish momentum pushing the price above $1,650.
  • The support level at $1,664 is still holding as the bulls target a break of resistance at $1,671.

Ethereum price analysis reveals that the market for Ethereum is currently in bullish territory. The ETH/USD pair is trading in a bullish flag pattern, and higher highs could lead to a test of the $1,700 mark. At the time of writing, ETH/USD is trading at $1,659, with an increase of 1.71% in the last 24 hours. The bulls have pushed the price above $1,650, and if a break of resistance at $1,671 is achieved, then it could lead to more gains for ETH/USD.

The support level for  ETH/USD is currently at $1,664, which was tested and rejected this week. On the downside, if the $1,664 level fails to hold, then the bears could push the price lower. The previous week’s bearish momentum took the ETH/USD pair below $1,600. However, after a brief period of consolidation, the bulls have managed to push Ethereum’s price back above $1,650.

Ethereum price analysis 1-day chart: ETH moves into a narrow consolidation zone on the daily chart

On the 24-hour candlestick chart for Ethereum price analysis, the price can be seen forming an uptrend after a distinct decline.  The trading volume over the past 24 hours declined by 31 percent, indicating a severe lack of buying pressure. The market cap of Ethereum is currently standing at $203 billion, with a circulating supply of 122,373,866 ETH.

image 334
ETH/USD 1-day chart. Source: TradingView

The moving average (MA) is at the $1,575 mark, and the MACD is showing increasing buying pressure, suggesting that there could be more upside potential for the price of Ethereum in the coming days. The relative strength index (RSI) is trading on an upwards curve at index 46.62, hinting at the buying activity in the market.

Ethereum price analysis on hourly chart: ETH /USD  gains momentum, targets $1,700

The 4-hour price chart for the Ethereum price analysis shows an increase in price up to $1,650. The market opened today’s session at $1,644 and is trading in a narrow consolidation zone between the $1,664 support level and the resistance of $1,671. The price has been forming higher highs and higher lows as it moves toward the next key level of $1,700.

image 335
ETH/USD 4-hour chart. Source: TradingView

The relative strength index (RSI) on a 4-hour chart is moving in the upper half of the neutral zone with much more room for further bullish practice as the indicator trades at index 54.91. The moving average is currently above the price action of ETH, indicating that the uptrend could continue in the coming hours. The histogram on MACD is green in color, as also the signal line is above the MACD line and indicates positive signs for Ethereum.

Ethereum price analysis conclusion

From the above  Ethereum price analysis, it seems clear that the market is currently in an uptrend, and the bulls have been able to push the price above $1,650. The support level at $1,664 is still holding, and if the bulls manage to break resistance at $1,671, then further gains could be seen toward the psychological target of $1,700.

While waiting for Ethereum to move further, see our Price Predictions on XDCCardano, and Curve.

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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