The one-day chart shows that Ethereum has maintained its bullishness. Altcoins have seen a 3% increase in their value over that same time frame.
In the week that has just passed, the bulls gained more strength as the coin rose by over 21%.
In order for the bullish streak to continue, the coin will need to move beyond two key resistance lines. Bullish momentum continued in technical terms.
As Ethereum prices rose to the overbought area, there was an abundance of buyers. Bitcoin finally reached $20,000 in the past 24 hours. This has made other altcoins more positive.
Although Ethereum’s price range has been stable for several weeks, the general market has turned green. This has enabled the altcoin see the next significant resistance.
If ETH is able to surpass the $16,000 mark, then a potential move up to $2,000 could occur. If buying strength drops off, then ETH may again exhibit rangebound price movement.
Ethereum Price Analysis: 1 Day Chart
The price of Ethereum was $1,560 as of the writing. The Ethereum price has surged significantly over the last week and broke through its consolidation phase.
It is crucial that the coin trades higher than its resistance at $1,630 if it wants to maintain this price momentum. Bulls can challenge $1,700 by trading above this level.
The bullish thesis would gain more strength. The bulls will control the Ethereum price once the altcoin crosses the $1,900 threshold.
In case the surge doesn’t last, a fall will bring the altcoin to $1,300 first and then finally to $1,200. The amount of ETH that was traded in the last few sessions has increased, indicating a higher demand for altcoin.
Technical Analysis
Altcoin was trading at a high level on the daily chart. This zone last visited Ethereum in August.
In relation to the rising buying pressure, this was a multimonth high for altcoin. Relative Strength Index was higher than 80, which indicates that ETH was becoming more popular.
The Ethereum price was higher than the 20-SMA, which is a sign that buyers are driving price momentum.
The 20-SMA may cross the 50-SMA line with sustained demand. This would form a bullish cross.
All other indicators supported the belief that buyers have taken control. It indicates the direction and price momentum for the coin.
MACD signaled a positive sign as it created green signals bars that were growing. This signal indicated that the coin was being bought.
Also, the Directional Movement Index was positive because +DI crossed above the –DI line. This indicates a bullish price direction.
The Average Directional Index was red and above 20. It formed an upward trend pointing in the direction of the price, which is gaining strength.