The bulls for Ethereum are back on the chart, the altcoin has appreciated over the last 24 hours. Bitcoin’s northbound movement has helped Ethereum gain some of its lost value. Other altcoins have also followed a similar trading pattern.
Ethereum recently touched the $1500 mark but then decreased slightly below this level. In the past week, Ethereum registered close to 30% increase in its value. The new week has made market movers trade in the green.
With consistent increase in price, Ethereum left behind the $1280 resistance mark which the coin previously struggled to move past. It faced resistance at the aforementioned level a couple of times. Buying strength also returned into the market which further helped ETH to maintain its price action.
For ETH to solidify its bullish stance, its important Ethereum maintains its price above the $1500 mark. With Bitcoin moving over $22,000 and ETH touching $1500, market capitalisation also soared. The global cryptocurrency market cap today was at $1.04 Trillion after more than a month with a positive 3% change in the last 24 hours.
Ethereum Price Analysis
ETH has recovered in terms of buying strength over the past week. Buying pressure has consistently built up and remained that way. The Relative Strength Index was over the overbought territory as buyers continued to dominate.
Strong technical indicators for the price of Ethereum suggest that the bull run might only be beginning.
Ethereum cleared the $1,500 resistance zone to move further into a positive zone. The price even rallied above the $1,550 resistance zone and settled well above the 100 hourly simple moving average. Ether price even spiked above the $1,600 level and traded to a new multi-week high at $1,633. It is now correcting gains below the $1,600 level.
There was a move below the 23.6% Fib retracement level of the recent rally from the $1,327 swing low to $1,633 high. However, there are many supports near $1,460. There is also a key bullish trend line forming with support near $1,420 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $1,530 level. The first major resistance is near the $1,550 zone. A clear move above the $1,550 level could send the price higher. The next key barrier is near the $1,620 level, above which the price gain strength and rise towards the $1,700 resistance zone.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving towards the 50 level.
Major Support Level – $1,420
Major Resistance Level – $1,550
Is Merge Pushing Price?
Since the Merge schedule was made public, trading activity in the ETH market has increased. Podcaster Luke Martin claimed in a tweet that the price spike was prompted by the news of the ETH merger.
“The ETH merge trade begins: ever since the merge timeline update it has outperformed.”
Merge’s schedule might still be extended past the predetermined date, though. This mostly depends on how well the Goerli merging is implemented.
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