Today’s chart showed Ethereum as bullish at the time it was published. ETH has broken out of its consolidation phase, and has risen by 4% in the past 24 hours. As a support level, $1900 was secured by the king altcoin. The bulls began to appear in the market after the coin crossed the $1700 mark.
Altcoin demand also returned after Ethereum rose to $1700. ETH could trade higher than $2000 if it continues to gain buying momentum.
If bulls keep trading above $2000, then market recovery could continue. Ethereum currently has a 60% drop from its record high of $4800 in November 2021, when it was attained.
At $2100, the overhead price limit for the coin was reached. Should the bulls not maintain momentum, the coin might go back to consolidation.
Ethereum Price Analysis: 1 Day Chart
At the time this article was written, ETH had a price of $1949 The coin’s nearest support line was $1900, a fall from which could push ETH near $1700.
Over the past 24 hours, the currency gained 4% due to the break in the consolidation. The coin needs to trade at least near $2100 before it can be invalidated by the consolidation bit.
Ethereum may be priced between $1700 and $1900, depending on how bulls react. In the most recent trading session, the volume of the coin fell.
It was evident that there was still bearish pressure in the market when the volume bar turned red.
Technical Analysis
The one-day chart showed that buyers were returning to the market after the coin was in high demand. Relative Strength Index recorded a positive move as buyers recovered their confidence.
RSI observed a modest downturn despite an increase in buying strength. This may indicate that sellers are back on the market.
It was above the 20 SMA, which indicates bullishness. This means that buyers push for price rises. The market buyers drove price momentum.
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The RSI showed that buyers were increasing in numbers, and Ethereum flashed buy signals at the day’s end. Awesome Oscillator displays price momentum. The indicator showed green histograms that indicated a shift in price momentum. A buy signal can be identified by the green histograms displayed on the AO. Bollinger Bands are a sign of price volatility.
An indicator that showed tightening bands could indicate a market change or new price fluctuations.
While Ethereum rose in the charts, indicator data have shown mixed signals. Ethereum can only be invalidated by sustained buying power.
TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it| TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it