Ethereum price analysis shows that ETH price action has been bullish in the last 4 hours, surging from around $1,553 to above the $1,592 level. The recent surge was prompted by sudden buying pressure that has supported the bulls in this crypto asset market.
Ethereum has been showing a steady uptrend since the start of tonight, and it appears that this positive momentum will continue in the near future. It should be noted that Ethereum’s current price level is still good, aiming for its all-time high of $1,600.
Regarding the support level, ETH/USD is currently supported at the $1,553 level. On the upside, resistance for Ethereum is present at the $1,594 level. However, if the bulls manage to break this resistance level, we could see an even stronger uptrend in the near future. And if the downward pressure continues, Ethereum could drop to its support at $1,553.
ETH/USD 1-day price chart: Huge price surge as bulls regain momentum
Daily Ethereum price analysis gives the bulls a head start as the price level jumped to $1,592 after a strong upward move. This surprised analysts and drew many to the buy side after the market’s sudden turnaround. The coin has gained a good 0.15 percent in value over the past 24 hours, and the gain in earnings is 18.59 percent when looking at it over the past seven days.
The calculated moving average (MA) for the past week was $1,464, which has been up for the past week. The bullish action is further indicated by the Relative Strength Index (RSI), which currently stands at 71.47, indicating that the asset is overbought and could face resistance if it moves forward. Furthermore, the moving average convergence divergence (MACD) has also indicated a strong uptrend as the histogram bars need to widen to the upside.
ETH/USD 4 hour price chart: Strong uptrend pushing the price to its highest level
The 4-hour Ethereum price analysis shows an increase in ETH coin value as the price touched $1,592. The weekly analysis also speaks for bulls as it shows that the buyers have dominated the market and helped the cryptocurrency to slowly rise. Today’s fall has proven the same, rather much more overwhelming as the moving average (MA) has risen to $1,568.
The Relative Strength Index (RSI) shows a reading of 68.67 moving towards the overbought level as the past week has been favorable for the cryptocurrency and overwhelming buying activity has taken over the market today. MACD is also supporting the uptrend as red and blue lines have crossed and widened to the upside.
Ethereum price analysis conclusion
From the Ethereum price analysis above, it can be deduced that today’s trend has proven to be favorable for buyers as the price level has surged to $1,592 during the day. Both the 1-day and 4-hour price charts have shown strong support for the cryptocurrency as the price function has been moving higher over the past few hours.
While you wait for Ethereum to evolve, read our articles on buying Polkadot, Filecoin, and Polkadot.