As an experienced analyst, I’ve closely followed Ethereum’s (ETH) price action and market trends for quite some time now. And based on the current technical indicators, I believe that Ethereum is gearing up for significant gains in the near term.
Ethereum (ETH), the second largest cryptocurrency by market value, is exhibiting promising signs of an impending price rise based on bullish indicators. This upward trend could be initiated by heightened demand from buyers, fueling a surge in optimism regarding Ethereum’s near future performance.
As an Ethereum investor, I’m excited about the potential for significant gains in ETH‘s price. In this article, we’ll explore the crucial indicators pointing to this upward trend and discuss what these signs might imply for Ethereum’s future price trajectory.
Technical Indicators: Key Signals Pointing To An Upside Move
At present, Ethereum’s price on the 4-hour chart is making an attempt to advance towards the 100-day Simple Moving Average (SMA) and the bearish trendline. This digital asset has managed to preserve its bullish momentum since surpassing the $3,051 mark. Owing to this price consistency, Ethereum may initiate an upward trend towards the resistance level of $3,360.
As a crypto investor, I closely monitor the price movements of Ethereum (ETH) using various technical indicators. One such tool is the Relative Strength Index (RSI) on the 4-hour chart. The way this indicator is shaping up for ETH is quite bullish. Specifically, I’ve noticed that the RSI has been consistently staying above the 50% threshold and is now trending upward toward the overbought zone. This bullish signal from the RSI suggests that Ethereum’s price may soon challenge the resistance level at $3,360.
On the daily chart, Ethereum’s price has yet to surpass its 100-day moving average and downward trendline. However, there are signs of an uptrend as the crypto attempts to break through the $3,360 resistance.
As a crypto investor, I’ve noticed Ethereum (ETH) showing strong resistance after crossing the $3,051 mark. Bulls have managed to keep ETH above this level despite some bearish pressure. If Ethereum can push past both the bearish trendline and the 1-day Simple Moving Average (SMA), we could be in for a bullish rally.
As an analyst, I’ve closely examined Ethereum’s (ETH) price action on the daily chart. The Relative Strength Index (RSI), which measures the momentum of a security’s price movements, has formed an intriguing pattern. ETH appears poised to maintain its upward trend beyond the daily Simple Moving Average (SMA) and the bearish trendline, aiming for the $3,360 resistance level. This optimistic outlook is supported by the RSI indicator’s movement out of the oversold territory, as it now heads towards the neutral 50% mark.
Assessing Ethereum’s Upside Potential
As a crypto investor, if Ethereum begins to surge towards the $3,360 resistance and manages to close above it, I believe we could see further upward momentum. Once this resistance is broken, Ethereum may test the $3,659 resistance level next. If we successfully breach that level, the price could potentially continue climbing, targeting the $3,975 resistance and potentially even higher levels.
If ETH experiences a setback at $3,360, it could potentially slide down towards the $3,051 support area. Furthermore, there’s a possibility that the price may drop even further to test the $2,865 support mark and possibly other lower levels if this support is breached.
The current price of Ethereum is approximately $3,156, marking a gain of 2.73% over the past day. Its market value exceeds $379 billion, while its daily trading volume amounts to more than $11 billion as of now. There has been a 24-hour growth of 2.77% in Ethereum’s market capitalization and a noticeable decrease of 27.64% in its trading volume.
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2024-07-13 21:41