Monday, August 21, 2023Ethereum price analysis indicates an uptrend for a few hours, after breaking through the support level at $1,662.90. The previous week, ETH saw a drop after the bears pushed its price below $1,800.
Currently, the bulls are struggling to keep the price above the $1,700 mark. At present, Ethereum is trading around $1,679, registering a slight increase of 0.68%.
ETH/USD 24-hour chart: ETH gains momentum to $1,679 as buyers enter the market
The daily chart highlights the dominance of the bulls in the market. Indeed, the price of Ethereum is currently trading above the 50 and 200 day moving averages, an indisputable sign that the bulls are regaining control. In recent hours, an upward inclination in the price has emerged, the result of an unexpected bullish return.
The convergence/divergence indicators of the moving average (MACD) show a current uptrendsupported by an upward trajectory on the price chart.
The MACD line being above 0.00it confirms this uptrend and signals a buying opportunity for traders.
Moreover, the relative strength index (RSI) is currently at 626.11, indicating an overbought situation that could lead to an upcoming correction. Bollinger bands, on the other hand, show high market volatility : The upper band is at $1,939 while the lower band is around $1,654.
Ethereum Price Analysis: Bulls Continue to Rise, with ETH/USD Crossing $1.679
Ethereum price analysis over a period of 4 hours shows a clear upward trend. Buyers effectively kept price action in check for several hours today. The short-term trendline now confirms this upward move.
This bullish impulse carried the value of the coin at $1,679. If the bulls maintain their grip on the market, it is quite possible that ETH/USD could soon touch $1,700.
The four-hour chart shows expanding Bollinger Bands, indicating increased volatility in the market. The upper and lower bands are set at $1,691 and $1,652 respectively.
Moreover, the relative strength index (RSI) of ETH is slightly above the neutral zone, at 36.93. The MACD indicator confirms that the coin is in a bullish zone, the MACD line being above the signal lineindicating upward momentum.
Conclusion of Ethereum price analysis
In conclusion, the price of Ethereum has climbed up to the level of $1,679 after a slight bullish push. The bulls remain in control of the market and could continue to push ETH higher. Nevertheless, the bears could attempt to push the currency back down. The next level of resistance is located at $1.692 ; if crossed, Ethereum could rise even further, on the downside, the first level of support is set at $1.662.
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This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.