Ann Mugoiri
Ethereum price analysis for today reveals ETH price action in the recent hours shows an upward trend, as ETH bulls hold above the $1,600 level. The daily chart is showing an uptrend line that is preventing a pullback from occurring. The 50-period moving average (MA) and 200-period MA are close to each other at $1,627 while the EMA’s (Exponential Moving Averages) are still in a bullish configuration. The Relative Strength Index is currently at 65, which suggests that the buyers have good control over this market.
The major hurdle for ETH bulls lies ahead at $1,700, and if it gets taken out then we could see further upside towards $2,000. The 4-hour chart of ETH/USD is showing a bullish flag pattern. The flag pattern will be confirmed when the price breaks above the $1,700 resistance. On the downside, strong support lies at $1,550 and a clear break below this level could trigger some sort of correction in ETH’s price.
ETH/USD daily chart analysis: Bulls defend the $1,600 handle
Ethereum price analysis on the daily chart reveals the bulls have the upper hand as they have pushed the prices towards the current trading price of $1,642.26, up 1.20 percent in the last 24 hours. The bullish trend line near $1,550 is providing strong support for ETH/USD pair. Thus, if Ethereum bulls manage to break above the current resistance of $1,700 then we could see further upside towards $2,000 in the near term.
ETH/USD pair seems to be consolidating near the SMA 100 and 200, which suggests that traders are undecided on the next steps. The bulls could challenge the SMA 200, while the bears could push prices back to the SMA 50.
The Relative Strength Index oscillator is flat at the moment, residing at 53.03, which suggests that the buyers and sellers are in a state of indecision. If the ETH/USD pair can break above Fibonacci resistance at $1,820 then it could quickly move toward the next level of Fibonacci resistance at $2,000.
Further technical indicators show that the MACD line is above zero and bullish, while the RSI is above 50 and heading towards overbought levels. The bulls have managed to push the price beyond all major resistances, so it’s time for the ETH/USD pair to break out of its current range.
Ethereum price analysis on a 4-hour chart: Bullish momentum revives
The 4-hour Ethereum price analysis reveals some slight buying action that is currently pushing the ETH/USD price toward $1,650. If the bulls can break above this level then we could see further upside in ETH prices. The 50-period moving average and 100-period MA are trending northwards, which suggests a continuation of the bullish momentum.
The Moving Average Convergence Divergence (MACD) line is exhibiting a bullish divergence and is seen trending above the zero line, which suggests that buyers are still in control. The Relative Strength Index (RSI) is currently at 51.59 and rising, indicating the bullish sentiment in the ETH/USD pair.
Ethereum price analysis conclusion
Ethereum price analysis for today reveals the bulls have managed to hold onto their gains as they defend the $1,600 level. The ETH/USD pair is currently trading at $1,642.26 and if the buyers manage to break above the current resistance of $1,700 then we could see further upside towards $2,000 in the near term. On the downside, strong support lies at $1,550 and a clear break below this level could trigger some sort of correction in ETH’s price.
