TL;DR Breakdown
- Ethereum price crosses above $650 level as the crypto market turn green.
- Price to touch $700 resistance level
- Price expected to go further above as strong bullish momentum observed in the markets.
After struggling to cross the $600.00 mark for a while, Ethereum (ETH) price has finally broken above the level and has crossed above the $650.00 level with bulls dominating the price action.
The broader cryptocurrency markets are also observing sharp bullish activity with the price of Bitcoin setting a new all-time high above the $23,000 mark. The price actions of most top 10 altcoins record over 5 percent gain across the 24-hour timeframe.
Ethereum price across the 1-day frames
Since declining to the $311.00 level on September 24, Ethereum price action has been guided by the bulls with the price action spending October and most of November in an ascending channel with a trend angle of 13 degrees.
In late-November, Ethereum price broke above the ascending channel as a strong bullish activity carried the price above the $500.00 with no signs of a bearish turnover. The candlesticks remained green as the price rose above the $600.00 before observing a correction.
The correction caused the price to fall to $500.00 psychological level before making a V-shaped recovery. While the price failed to close above the $600.00 mark, the bulls remained strong and maintained a support level at $550.00.
Subsequently, Ethereum price rose to the $600.00 mark and crossed above the level as the broader cryptocurrency market turned bullish. Currently, the price is trading above the $660 mark with the daily candles observing a 4.2 percent increase from the day’s opening price.
Across the technical indicators, the Bollinger Bands are in a squeeze suggesting high volatility in the coming days. Meanwhile, while the RSI is high, the indicator is still below the overbought signal suggesting that there is still room for further upwards movement. Similarly, the MACD shows increasing bullish momentum as the two EMAs converge further.
Ethereum price across the 1-week frames
Across the weekly frames, Ethereum has observed strong bullish momentum throughout the second half of 2021. The price rose sharply between late-July and mid-August as the price rose from the $250.00 level to above the $400.00 level.
The price action stagnated at the level as the bulls exhausted themselves, and the price action observed a correction before further upwards movement. Currently, the price has broken above the Bollinger Bands with strong bullish momentum.
Across the technical indicators, the RSI moves above the 70.00 marks issuing an ‘overbought’ signal calling for a healthy correction. Meanwhile, the MACD shows increasing bullish momentum as the two EMAs move further apart. However, while Ethereum trades above the upper limit of the Bollinger Bands, the indicator shows increasing volatility and expands to facilitate the recent price movements.
Traders should expect Ethereum price to continue its upward movement to the $700.00 level before stopping. The price action is expected to consolidate at the $700 price level before breaking above.
