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- ETH price has surpassed the 20-day EMA, showcasing a bullish forecast.
- Ethereum coin’s price has gained by 24% in the last 2 days.
Ethereum price chart structure displays that the price has rolled by 59% YTD. After the correction phase, the ETH crypto price triggered a strong breakout with solid buying momentum. The trading volume has surged by 273% at the time of breakout.
From mid-2022, the ETH price has reversed and has reacted positively. It has been rising by recording new all-time highs and buyers are dominating.
When writing, the Ethereum price traded at $3770 with an intraday gain of 2.95%. The market capitalization is $453.10 Billion, and the 24-hour trading volume is $42.91 Billion, with a rise of 288%. The circulating supply and total supply of Ethereum is 120.13M ETH.
Development Activity Dropped Violently
Based on the given data, the development activity has dropped violently since April’s last week. However, the ETH price has remained constant over the broader time frame.
Suppose the development activity increases in the Ethereum cryptocurrency market; it might affect the price positively.
Price vs Volume Analysis
The graph suggests that the trading volume has decreased since March, and the Ethereum price has also reacted negatively. For the past 2 days, the trading volume has been increasing slowly, which has impacted the price positively. Buyers may be attracted if the trading volume increases, and the price may rise further.
Ethereum Price Analysis Over Daily Timeframe
The chart structure displays that the Ethereum price has displayed that recent bull run and was stopped near the $4K hurdle. After approaching this round figure, the price dropped by 22% in a week.
The digital asset price took support on the $$2800 hurdle for more than a month. A week ago, the price and volume started getting momentum, and on May 20, the price was pumped by 20%.
Currently, the Ethereum price has reached the resistance level of $3700. Suppose the ETH price surpasses the resistance level and sustains; buying pressure for the long term can be expected. The bullish trend may continue if the buyers overcome the $4000 hurdle.
On the other hand, if the ETH price faces resistance from the $4000 mark and slips below the $3500 level, short-term profit booking can be expected. Assuming the asset price starts trading below the 20-day EMA, sellers may drag the price down to the 200-day exponential moving average.
Based on the technical indicators, the Ethereum crypto price is trading over the key moving average, showcasing the bullish momentum. MACD shows that a golden crossover has been generated, and MACD has formed green histograms. Overall, the technical indicators favor bullish momentum.
Conclusion
Based on the analysis provided, Ethereum has experienced a significant surge in price, with bullish momentum being observed in the market. The increase in trading volume and favorable price movements indicate potential for further growth, especially if the resistance levels are surpassed. However, it’s important to keep an eye on the development activity and trading volume as they could impact the price in the future. Overall, the technical indicators are favoring bullish momentum for Ethereum.
Technical Levels
Suppose the Ethereum price gains bullish momentum; it may face resistance from the $3700 and $4100. However, if the digital asset price falls, it may take support on the $2200 and $2900 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
