Ethereum price analysis: ETH bulls mark 5.6 percent gain, as price breaks above $3600

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    TL;DR Breakdown

    • Ethereum price analysis is bullish today.
    • The nearest resistance is found at $3774.
    • The nearest support for ETH is present at $3593.

    The Ethereum price analysis is giving bullish hints today as the price crosses the $3600 psychological mark again. Over the past week, ETH/USD pair made several repeated attempts above the $3600 level but could not hold the level for long, and every time the price caped in the $3500 range. The highest ETH could touch was $3680 on 8th October but was rejected soon, and the price closed at $3556 on the very same day. Today ETH bulls are again on the march to maintain the price level above $3600, with the next resistance level present at $3774, which looks quite steep at this point of time as selling pressure has been observed during the last few hours, which we will discuss under the 4-hour chart.

    ETH/USD 1-day price chart: ETH to set a higher low

    The 24 hours Ethereum price analysis suggests the ETH seems to be at a higher price point at the time of writing as the price broke above the $3600 level. As can be seen in the 1-day chart, the consolidation periods as indicated by red circles were followed by uptrends as indicated by the red arrows, followed by a short downtrend to consolidate for a higher position. But every time the crypto pair made a higher low, and no higher high can be seen during the past month, so there are chances for the price to go back to the $3000 range in the coming days before it can shoot up more.

    Ethereum price analysis: ETH bulls mark 5.6 percent gain, as price breaks above $3600 1
    ETH/USD 1-day price chart. Source: Tradingview

    The volatility is comparatively high for the ETH/USD pair with the upper Bollinger band at $3888 and the lower band at the $2772 mark, representing the top resistance and the lowest support for coin price. The average of the indicator is also present below the price level at $3330.

    The Relative strength index (RSI) is hovering at index 60 in the neutral zone, but the upwards movement of the indicator has turned flat, indicating a balance in the buying and the selling activity in the market and now the overpowering of one side will determine the further curve of RSI.

    The moving average (MA) is at a value of $3557 below the price level, complementing the bullish momentum. The short-term MA10, MA20, and MA30, along with EMA10, EMA20, and EMA30, also complement the bullish side as overall, the price has been on a significant increase for the past two weeks.

    Ethereum price analysis: Recent developments and further technical indications

    The 4-hour price chart for Ethereum price analysis shows the price breakup was upwards at the start of today’s session, but some selling pressure prevails above $3640 as price came down in the last 5 hours, but signs of bullish efforts started appearing at $3630 mark and price is again floating above $3640.

    Ethereum price analysis: ETH bulls mark 5.6 percent gain, as price breaks above $3600 2
    ETH/USD 4-hours price chart. Source: Tradingview

    Further digging into the Ethereum price analysis the volatility for the coin is again increasing on the 4-hours chart as the Bollinger bands started expanding during the last hours of yesterday’s session, which has now expanded further with the upper band at $3660 representing the resistance and the lower band at $3401 representing the support for ETH. The indicator shows more price fluctuation to be observed in the coming hours. The RSI is still maintaining at index 60.

    Ethereum price analysis: Conclusion

    As concluded above in the daily price chart for Ethereum price analysis, the ETH price may step down as low as $3000 in the coming days to consolidate for further highs; as explained above, no higher high is observed, and the price is present at a higher point right now. As trading is done reactively, not proactively, traders should expect the coin to follow the previous trend and move down before shooting to new highs. But for intraday trading, traders should expect the ETH/USD pair to maintain the price above $3550 for the coming hours if the support persists.

    Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.