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The Ethereum Price analysis reveals the bullish sentiment for the day. The value of the second largest cryptocurrency by market value rose by 29% in the last three sessions. ETH has successfully escaped the consolidation phase and now is moving toward the fresh swing highs toward $1,800.
As of publication time, ETH/USD is trading at $1,722.78, up 5.38% for the day. As per the CoinMarketCap, the 24-hour trading volume gained 56% to $29,760,238,484. A rise in price with rising in volume is a bullish sign.
ETH price has moved substantially in today’s session. However, the coin still has to draw in additional buyers to capture fresh monthly highs.
ETH price turns north
On the daily chart, the ETH price is moving inside a ‘Rising Wedge’ formation, which is a bearish continuation pattern. After testing the high at $1,597.58 near the upper trend line, the price entered a consolidation phase. The pair give a breakout in today’s session.
Further, the formation of two consecutive green candlesticks suggests the underlying bullish momentum. The price is comfortably placed above the 50-day EMA (Exponential Moving Average) at $1,457.30.
The recent price action suggests that buyers are entering to keep the price on a higher trajectory. The coin has to draw in new investors it is able to cross above the session’s high of $1,755.0. On moving higher, the first upside target could be $1,800 followed by $1,970.
On the contrary, a shift in the bearish sentiment could push the price lower. Strong support is placed at around $1,650.
Technical indicators suggest the continuation of the upside momentum. The Relative Strength Index (RSI) showcases the upside bias. The oscillator breached the moving average and approaches the overbought zone. Currently, it reads at 65.
Another momentum oscillator, the MACD holds above the midline with a bullish crossover. The histogram is increasing with rising in the price.
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