• Wed. Jun 19th, 2024

Ethereum (ETH) Sees Uptrend Due to Increased Demand & Investor Confidence

Megan Ford

ByMegan Ford

Mar 25, 2023

The current analysis of ETH shows that the price of digital assets is on an upward trend and is due to increased demand. The ETH/USD pair is currently in a greater uptrend, which indicates that investor confidence increased in the week.

The rise in ETH price is accompanied by increasing trading volumes that indicate active buying into the coin. The pair is trading at $1,796, which reached the $1,835 level during the day. This number marks a 5.10% increase from the daily low of $1,717. The nearest resistance level is $1,853; if ETH can break this level, it could target the $1,900 mark in the coming days.

ETH 1-Day Chart Analysis

The 24-hour chart shows that the bulls will likely secure a lead as the price has seen some shake-ups to the $1819 level. In the past 24 hours, the increment has been slight but constant. The gains may have been small, but the indicators point toward an upcoming uptrend driven by incoming buyers. Currently, the price is trading below the moving averages, settling at $1,752.

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The volatility in the 24-hour chart is also increasing as the Bollinger bands indicate an upper value of $1,884 and a lower value of $1,406, which is a silent indication that ETH is facing rejection at the upper levels. The RSI is hovering at 61.00, which shows that the market remains neutral and is waiting for bulls to take control.

ETH 4-Hour Chart Analysis

The 4-hour chart on Ethereum shows that the bulls are staying active, and if the buyers can take control of the market, we could see a further uptick soon. The price of ETH has been trading above $1,800 for some time, and the level is now turning into support.

Today, the market opened at $1,736 and has since seen a daily high, peaking at $1,810. The volatility has been increasing hourly, and the Bollinger bands are now fluctuating between a high of $1,840 and lows of $1,709, which act as support.

The RSI is hovering at 55.68, showing the market still has room for gains and buyers need to take control. The moving average indicators are currently held at $1,774, which indicates that the markets are not safe from a bearish outlook.

Overall, the technical analysis of the price of ETH shows that the token is trading upwards with prices above the $180 mark. The bears are also in the picture, trying to gain control, but the bulls remain active, and the price trajectory is both.

The next resistance level for the altcoin is located at the $1,853 level, and if the coin can break this level, it could see a sharp sprint toward the $1,900 mark.

Fundamental Outlook

The potential for an increase in interest rates by the Federal Reserve could spell trouble for the price of ETH. Higher rates lead to a decrease in investor appetite for riskier assets like cryptocurrencies. Therefore, if the Fed moves forward with interest rate hikes, it could trigger bearish sentiment and cause the price of ETH to dip.

However, despite this potential risk, the ongoing banking crisis has strongly supported crypto assets like ETH. According to some analysts, the altcoin may weather the storm and see the end-year price above the $4,000 mark. However, much will depend on what transpires in the banking sector and on interest rates in the future.

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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