The bulls are back on the charts for Ethereum, with the altcoin appreciating over the past 24 hours. Bitcoin’s northward move has helped Ethereum recover some of its lost value. Other altcoins have also followed a similar trading pattern.
Ethereum recently touched the $1500 mark, but as of press time, the coin was held slightly below the above level. Over the past week, Ethereum registered an increase of almost 30% in its value. The new week has turned the market movers trading in the green.
With the steady rise in price, Ethereum retraced the $1280 resistance mark, which the coin was already struggling to move beyond. It faced resistance at the above level a couple of times. Buying power also returned to the market which helped ETH maintain its price action.
For ETH to consolidate its bullish trend, its important Ethereum holds its price above the $1500 mark. The market capitalization also surged, with Bitcoin touching over $22,000 and ETH touching $1,500. The global cryptocurrency market capitalization stood at $1.04 trillion today after more than a month with a positive 3% change in the last 24 hours.
Ethereum Price Analysis: Four-Hour Chart
At the time of writing, ETH was trading at $1476. It was moving very close to the $1500 mark which it touched before a few trading sessions. The overhead price range was at $1500, and a climb above the same could give ETH a bullish move.
On the other hand, if Ethereum corrects, it will fall first to $1300 and then to $1100 respectively. ETH continues to register higher highs which is a sign of price rise. Ethereum traded volumes declined, meaning buyers dominated the market.
technical analysis
In the last one week, ETH has made a recovery in terms of strength. The buying pressure has been persistent and remains so. The relative strength index was above the overbought zone as buyers continued to dominate.
Similarly, ETH price traded above the 20-SMA, indicating that buyers were driving the price momentum on the four-hour chart. Not only that, the altcoin price was also above the 50-SMA and 200-SMA lines, marking the bullish momentum for the king of altcoins.
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An increase in purchasing power is often synonymous with an increased capital inflow of an asset. The indicator depicted the same reading as on the above chart. Chaikin Money Flow registers capital inflows and outflows. The indicator was above the semi-line which meant that capital inflows were higher than capital outflows on the four-hour chart.
The Awesome Oscillator also marks the price direction and a possible reversal. The AO displayed a green histogram indicating that buyers are back as it can also be interpreted as a buy signal for Ethereum. A push above the $1500 mark is crucial for ETH along with aiding buyers in the market.
Related Reading | TA: Ethereum Beats Bitcoin, Why ETH Could Rise to $1,500
Featured image from UnSplash, chart from TradingView.com