The price of Ethereum has remained optimistic on the one-day chart. The altcoin’s value has risen by 3% over that time. The coin gained over 21% in a week, breaking many resistance levels and boosting the bulls even more.
The coin needs to break through two key resistance levels to keep going up. The coin’s technical outlook kept showing strong momentum.
Ethereum Market
Ethereum’s price surged to the overbought area with an excess of buyers. Over the past 24 hours, Bitcoin’s price has finally stabilized at the $20,000 level. This led to the boosting of the value of other altcoins.
The price of Ethereum has fluctuated for several weeks. But the market turned positive, lettings the altcoin target its next resistance line.
Ethereum Price Analysis
The price of ETH was $1,560. Over the past week, the price of Ethereum has significantly increased. This leads it to break beyond its consolidation phase.
the coin must trade over its resistance level of $1,630 to maintain its price momentum. The bulls’ attempt to break the $1,700 price barrier will be aided by moving past that level.
This would strengthen the bullish thesis. The bulls will have total control over the price of Ethereum after it surpasses the $1,900 barrier.
If the upswing is short-lived, a decline will send the altcoin to $1,300 and then to $1,200. The volume of ETH exchanged has increased during the last few trading sessions. The increase suggests more demand for the altcoin.
Technical Analysis
On the one-day chart, the altcoin was overbought. The altcoin reached a multi-month high in terms of the buying pressure it experienced. The Relative Strength Index was above 80, showing ETH had been overbought due to rising demand.
Buyers generated the market’s price momentum. A golden cross, regarded as bullish demand, formed when the 20-SMA crosses over the 50-SMA line.
Buyers Are In Control
Other indicators also support the view that buyers have control. Moving Average Convergence Divergence shows the coin’s price movement and direction. The MACD created rising green signal bars, indicating that it was in a positive state. This suggested that the coin should be purchased.
The Directional Movement Index was also in the green. The +DI line was above the -DI line, indicating a bullish price trend.
The Average Directional Index was above the 20-point level. It had formed a strong uptick pointing in the direction of the price.