• Wed. Feb 28th, 2024

ETH price analysis shows that the largest altcoin may be in the middle of an emerging bullish crystal. The altcoin is exchanging hands at $1,749, representing a 0.99% gain in the last 24 hours. This uptick indicates that buying pressure is building up in the ETH market and could indicate further gains in the week.

The bulls have been impressive and have pushed the price above the $1,797 psychological price level, pushing the altcoin to hit $1,800. ETH’s nearest support level is currently hovering at the $1,716-$1,718 range, with the bulls stepping in during the Monday trading session.

If ETH can consolidate this support level, we could see ETH cross the $1,800 mark in the week. However, if the bears can push the price below the current support, the price could dip to the $1,700 mark, starting a downward trend.

ETH 24-hour Price Analysis: Technical Indicators Poiting North

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The daily ETH price is giving the bulls a head start in the game, with the price jumping to $1,748 following a strong bullish rally. This price jump has been a massive plus for the bulls, marking the highest point in the last 24 hours.

The last 48 hours have seen the price fluctuate between $1,716 to $1,797. If the price can break through either of these two points, it will give a general direction of the price in the next few days.

The market capitalization of ETH is currently $216 billion, with a daily trading volume of $7.4 billion. These numbers indicate the market has high liquidity, with bulls coming in fast. ETH has seen major support from the 50-day moving average, pushing the price to its highs in the last 24 hours.

The 200-day moving average strongly supports the altcoin, indicating the market favors the bulls. The relative strength index in the 24-hour chart reads 56.95, indicating that the price momentum is upwards. The MACD blue line has crossed above the signal line, which usually signals a further uptrend in the market.

ETH 4-Hour Chart Analysis

On the 4-hour chart, the price forms an ascending parallel channel and exchanges hands in the upper boundary channel. The 4-hour chart also indicates that the market was experiencing a bearish trend earlier, but the buyers managed to outclass their counterparts.

The technical indicators show an overall bullish trend. The MACD is trading in the green territory, showing the possibility of a bullish crossover. This movement would mean the buyers will continue coming into the market.

The RSI is also in positive territory and trading above 50, indicating strong bullish momentum. In an attempt to pile on to the heavy bullish pressure, the moving average indicator trades above $1,753, and the overall outlook cements an upcoming bullish stance and rally by the altcoin.

The Week Ahead

Analysts fully expect the price of ETH and BTC to continue the bullish trend, with the overall market sentiment favoring the crypto sector. The banking crisis is almost subsiding, with SVB getting its much-needed new owner and Credit Suisse Bank also getting a lifeline.

This news may not bode well with the current rally in ETH. The week should remain interesting in the crypto world as investors grapple with regulation outcries and the unstable geopolitical atmosphere.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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