TL; DR faultAfter establishing support at $1871, bulls took control of the ETH market.According to recent research, Ethereum market sentiment is optimistic
TL; DR fault
After establishing support at $1871, bulls took control of the ETH market.
According to recent research, Ethereum market sentiment is optimistic.
ETH bulls were at historical highs when breaking through resistance levels.
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Ethereum price analysis shows that with prices soaring by over 6% in the past 24 hours, a bullish trend is forming. After successfully establishing support of $1871, the price of Ethereum traded around $1988. The market sentiment has changed from bearish to bullish in the past two days, indicating that bulls have taken control of the market.
Despite the strong bullish trend, Ethereum price analysis also shows that there are still many obstacles ahead of ETH. The recent resistance level is around $1998, and if bulls break through this resistance level, it may push prices to the next major level of $2000. However, if the bulls fail to break through this level, we may see a correction in Ethereum prices.
Meanwhile, data from CoinMarketCap shows that Ethereum's 24-hour trading volume has risen to $9.36 billion. This strong purchasing pressure indicates that traders are confident in the near future prospects of Ethereum. The market value has significantly increased to $239 billion, ranking second among all crypto assets, with a 6.14% increase in the past 24 hours.
Ethereum price analysis 24-hour price trend chart: ETH continues to rise
The 1-day Ethereum price analysis shows that ETH is in a bullish trend as the transaction price of the cryptocurrency is above $1900. In the past 24 hours, the market has traded within the range of $1871 to $1998, with more buying pressure driving buyers higher. Last week, the bearish trend pulled prices below $1850, however, buying pressure has pushed Ethereum back to $2000.
As shown by the relative strength index (RSI) crossing the signal line of 58.68, the buying pressure in the ETH market is now greater than the selling pressure. The 50 day moving average and 20 day moving average have also crossed, indicating strong bullish sentiment in the Ethereum market. At present, the moving average indicator is currently $1895, indicating a strong bullish signal. The moving average convergence divergence (MACD) is also bullish as the MACD line has crossed the signal line.
Ethereum Price Analysis: Recent Developments and Further Technical Indicators
The 4-hour Ethereum price analysis chart shows that prices have risen again due to bulls regaining momentum in the past few hours. The ETH/USD settlement price is $1988 and is expected to rise further in the coming hours. In one example, fluctuations towards the high point of $1998 were also observed, but the resistance to this level was also considerable.
The moving average indicator on the hourly chart is also bullish, as the trend of the moving average set at the 20 hour level is higher than the 50 hour average. The RSI indicator has risen to 73.52, indicating that buyers may continue to control the market for a period of time. In addition, moving average convergence/divergence (MACD) is also beneficial for bulls as they indicate a strong bullish trend. The histogram is also in the positive area, and the MACD line has moved above the signal line. All of these technical indicators indicate that Ethereum may continue its bullish outlook in the near future, with a potential target of $2000 before any major pullback occurs.
Ethereum Price Analysis Conclusion
Ethereum price analysis shows that the trend of ETH/USD has been bullish on the day as bulls are seeking recovery after long-term losses. The cryptocurrency has performed well in the past 24 hours as its price has successfully reached the level of $1988 and has risen again. Looking at the upward trend, it is expected to strengthen in the next few hours, and we expect ETH to retest the resistance level of $1998 within the next 24 hours.
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