© Stocksak Ethereum(ETH) Bulls Capture Market as Bears Remain Weary
- Recent price reviews showed that ETH’s price has risen by 0.39%.
- ETH finds support at $1,327.85, and resistance at $1.355.17
- Technical indicators can be used to predict further bullish momentum.
The price movement of Ethereum has been unpredictable over the last day. Both bullish and bearish momentum have been fleeting each time. The bulls have now taken control of the market as the price rose by 0.39% to $1,347.71.
The market capitalization grew by 0.46% to $165.043,050,003 while the 1-day trading volume grew by 6.62%, to $12,122.577,347. These factors contributed to the price rise.
1-day price chart (Source:CoinMarketCap)
The top and lower Bollinger Bands cross at 1367.35 & 1287.48, respectively. The Bollinger Band is moving linearly, which suggests a steady market. The market is also moving in the direction the upper band indicates that there may be continued positive momentum.
Relative Strength Index (RSI) displays a reading of 60.88, and a rising gradient which is veering toward the overbought region. The market will be bullish if the RSI score is constant. It indicates that there is no difference in buying and selling activity.
Bull Bear Power (BBP), a rating of 20.37, is in the positive range and suggests that the bullish attitude towards the Ethereum market could last in the future.
ETH/USD 4-hour price chart (Source:CoinMarketCap)
A golden cross pattern is formed by the 5-day Moving Average crossing over the 20-day Moving Average. This indicates a bullish market trend. 1345.17 marks the 5-day MA and 1327.40 marks the 20-day MA. This indicates a bullish market trend.
The Stoch RSI stands at 38.99 and is trending towards the north, which indicates market stability. The current trend in ETH market is likely not to change in the near future, as the market is neither too overbought nor too oversold.
ETH/USD 4-hour price chart (Source:CoinMarketCap
The current bullish trend in the market will be invalidated if bears take control. The positive trend will continue if bulls are able to hold the resistance and increase prices without another drop.
Disclaimer: All views and opinions expressed in this price analysis are published in good faith. Readers are responsible to do their own research. All actions taken by readers are at their own risk. Coin Edition and its affiliates cannot be held responsible for any indirect or direct damage or loss.
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