Recent Ethereum price analysis shows that the ETH/USD pair has registered gains of more than 1.02% over the past few hours. The pair opened at $1,567 which was a sign of the bears taking control of the market. However, the bulls were quick to respond and pushed ETH above the $1,600 mark. Ethereum’s performance is a sign that the digital asset has recovered from its dip a few hours ago when it dipped below $16,000 levels. The price may increase further in the upcoming hours as well, which is highly motivating for buyers.
Cryptocurrencies price heat map, Source: Coin 360
The analysis also revealed that the ETH/USD pair has a support level of $1,565 and a resistance level of $1,613. The price is expected to move between these levels in the near future. It can be seen that the buying pressure is strong and more traders are taking positions on Ethereum. On the other hand, the selling pressure from bears has significantly reduced.
Ethereum price analysis 1-day price chart: Bulls battle bearish momentum to retain control
The one-day Ethereum price analysis is indicating an increase in price as the bullish momentum has been revived. Although the price underwent a decline recently, Currently the trend has again been supportive towards the bulls. Overall, an upswing has been observed over the past few weeks and today the price moved up to the $1,600 level. Additionally, the trading volume has increased to $7 billion which is a sign of higher market participation. The market cap of Ethereum is at $196 billion today and the asset seems to be quite attractive for investors.
ETH/USD 1-day price chart: TradingView
Furthermore, Ethereum price analysis also reveals that ETH/USD is trading above its 50-day and 200-day moving averages. This indicates that a bullish trend is likely to continue over the next few days or weeks. The Relative Strength Index (RSI) of ETH/USD has also increased to around 71.75, which is a sign of bullish momentum in the market. The MACD histogram is also in the positive territory with green bars indicating that bulls are in control of the Ethereum market.
Ethereum price analysis: Price bounces back to $1,600 after overcoming loss
The four hours Ethereum price analysis is showing signs of bullish activity as an increase in price has been detected. The price levels are now touching $1,600 after the bullish momentum recovered. A downward trend had been following for the past few hours, but the bulls have been able to return back. The price is still standing below the moving average level, but the trend is more likely to turn in favor of bulls soon.
ETH/USD 4-hour price chart: TradingView
A crossover between SMA 20 and SMA 50 had been recorded in the prior weeks as well which further confirms the bullish lead. The RSI remains around 48.99 and the MACD is also in positive territory with green bars on the chart. The MACD chart also suggests that the price is likely to continue going up, With a signal line above the MACD line.
Ethereum price analysis conclusion
Overall, Ethereum price analysis is pointing towards an increase in ETH/USD pair due to positive momentum from buyers. The bulls have been able to overcome the bearish pressure and take control of the market. It appears that the prices may further go up in the upcoming hours if buyers stay active. Investors are recommended to keep monitoring the Ethereum market in order to make better and more informed decisions.