The Ethereum price analysis shows bullish momentum taking over the ETH market. The ETH/USD pair has been trading higher on the day and broke through the $1,850 level. The bulls have pushed prices up to a high of $1,937 in the intraday session. At present, Ethereum price analysis shows that ETH is trading at $1,898 levels with a bullish bias, with a gain of 1.41 percent.
The bulls are trying to push the price above the $1,900 level; however, the upside momentum is facing resistance at the $1,937 level. The intraday high of $1,937 needs to be breached for further upside progress, and if successful, ETH may move toward the $2,000 mark. On the downside, Ethereum price analysis indicates immediate support at the $1,850 level. If this level is breached to the downside, then ETH could see further losses and a retest of the $1,800 support zone.
The market capitalization for ETH is currently over $228 billion, and the 24-hour trading volume stands at $10 million, both of which are evidence that ETH is becoming increasingly popular in the crypto sphere. The circulating supply of ETH stands at 120 million ETH, indicating high liquidity in the market.
Ethereum price analysis 24-hour chart: Bullish trend helps increase coin price to $1,898
The price is going up once again as a bullish trend has been confirmed from the 24-hour Ethereum price analysis. ETH/USD pair is trading hands at $1,898 at the time of writing after being on an upwards trend steadily since the start of today’s session. The bulls have pushed the price to a high of $1,937 in the intraday session, but this was met with resistance from sellers at that level. Furthermore, ETH has been trading within an ascending triangle pattern since March, which suggests that a breakout is likely shortly.
The latest technical indicators reveal a strong bullish pattern in the Ethereum market, with the 50-day MA now above the 200-day MA, indicating a strong bullish market trend. Currently, the moving average indicator is at $1,820 with a strong buy signal, confirming the bullish momentum in the market.
ETH/USD 1-day chart, Source: TradingView
The Relative Strength Index (RSI) is below 70 levels at the moment, which is neutral and may likely increase in the upcoming sessions. The moving average convergence divergence (MACD) is about to go green, which could be a sign of further bullish momentum. The MACD line is currently above the signal line, indicating an uptrend.
Ethereum price analysis: Recent developments and further technical indications
The four hours Ethereum price analysis is showing signs of strengthening of the bullish momentum as the price underwent further increase during the last four hours. An uptrend has been dominating the charts, as the bulls have been continuously showing their presence on price charts for the last 24 hours after a short correction. Today, the bulls have succeeded in continuing their lead, and all the candlesticks for today are green.
ETH/USD 4-hour chart. Source: TradingView
The price level is still below the moving average value, which is standing at $1,889 for now. The moving average converges divergence (MACD) is still in the green, indicating a strong uptrend. The histogram is also holding an uptrend, and the signal line is above the MACD line. The RSI looks neutral as it is around 70 levels with a buy signal. The RSI divergence is also in the green and increasing, which could possibly lead to further gains.
Ethereum price analysis conclusion
Overall, Ethereum price analysis indicates that ETH has been on an uptrend today and it is likely to continue this trend with a strong bullish bias. The next level of resistance is around $1,937 which needs to be broken for the bulls to gain further momentum. If ETH successfully breaks this level, it could move toward the $2,000 mark. On the downside, immediate supports are present at $1,850 and $1,800 respectively.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
