Ethereum’s bulls have returned to the chart. The altcoin has appreciated in 24 hours. Bitcoin’s northbound movement has helped Ethereum gain some of its lost value. Similar trading patterns have been followed by other altcoins.
Ethereum has recently crossed the $1500 threshold, but the coin is still slightly lower than that. Ethereum’s value has increased by close to 30% in the last week. The market has moved to the green in the new week.
Ethereum has moved past the $1280 resistance level, which was previously a barrier to its price growth. The resistance was encountered at this level once or twice. ETH’s price action was further supported by a rebound in buying strength.
Ethereum must maintain its $1500 price to ensure a bullish stance. The market capitalisation has also soared, with Bitcoin trading above $22,000 and ETH reaching $1500. Today’s global cryptocurrency market cap was $1.04 trillion after more than a month. There has been a positive change of 3% in the past 24 hours.
Ethereum Price Analysis. Four-hour Chart
At the time of writing, ETH was trading around $1476. The price was very close to $1500, which it reached a few trading sessions back. Overhead price ceiling was at $1500, and climbing above the same could intensify ETH’s bullish stance.
The flip side is that Ethereum would fall first to $1300, then to $1100 if it experiences a correction. ETH continued to reach higher levels, which suggests a price upward trend. The market was dominated by buyers as the amount of Ethereum that was traded fell.
Technical Analysis
Over the past week, ETH saw a rebound in buying strength. The buying pressure has been increasing and it will continue to do so. Relative Strength Index hovered above the threshold of overbought as buyers continued their dominance.
In the same vein, ETH’s price was above 20-SMA portraying that buyers were driving the price momentum on the four hour chart. This was not all. The price of the altcoin was above both the 50 and 200 SMA lines, which indicates bullish power for this altcoin king.
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Often, increased inflows to an asset are associated with a rising buying power. This indicator shows the exact same reading as the chart above. Chaikin Money Flow tracks capital inflows as well as outflows. This indicated that capital inflows were greater than capital outflows, as shown on the four-hour chart.
Awesome Oscillator is used to indicate the direction of price and possible reversal. AO showed green histograms, which can also be interpreted to indicate that buyers are back. ETH continues to push above $1500 and buyers support is important.
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Featured image by UnSplash. Chart from TradingView.com
