Ethereum Price Analysis: ETH Price is on the way to touch $420?

The Ethereum price is once again displaying a slightly promising behavior. In the last 24 hours, its price has increased by almost 2%. If we closely observe then we will find that Ethereum has been actually quite clearly the pilot during the latest bull rally. In the last 90 days, the Ethereum price has increased by almost +58.40%.

Now, looking at Ethereum’s dominance over the market, we can recognize that in the past 30 days, ETH price has been pretty low while Bitcoin has lost a vital piece of its dominance from a top of 60.7% to a current low of almost 57%. Now, it seems that the ETH/USD price could be on the way to touch $420. Let’s take a look at it in more detail.

Ethereum Price Analysis: ETH Price Daily Chart Analysis

At this point, it’s clear that Ethereum price is slightly displaying an uptrend and it has been able to defend $370 mark. Now, it could be striving to scale back above an important resistance of $392.29. Of course, the most critical level is $400 but Ethereum price must first crack the important resistance of $392.29.

If we observe the daily price chart, then we will find that bulls could find more resistance at the 100-MA and the 200-MA on the daily chart. The MACD has turned slightly bullish and the RSI is still almost close to overextension. Now, if we analyze the historical charts then we will find that, oversold RSI levels always guided Ethereum to new highs. The key metrics are as follows:

• Price $373.21
• 24hr Change +1.15%
• 24hr Real Vol $1,093,209,874
• Liquid Marketcap $41,567,013,752
• Liquid Supply 112,025,335

Ethereum Price Analysis: ETH Price Weekly Chart Analysis

Now, the Ethereum price weekly chart is maybe more critical as the long-term will enable us to understand the larger picture considerably. While the recent crash was striking, nothing has improved inside the weekly chart. Ethereum is still in a weekly uptrend. It seems that it has a lot of space to capture. The last apparent low could be $223.60, which implies that anything above this level could be regarded a higher low and maintenance of the uptrend.

The $223.60 level also concurs with the 50-MA which probably suggests it’s a sturdy support level. The RSI was overextended and it seems that it has now slightly cooled off. These could be healthy indicators. The MACD is slightly becoming bearish but could fail to pose any intimidation to the bulls.

Ethereum Price Analysis: ETH Price is displaying a slightly upwardly sloping pattern

Now, if we closely observe the ETH/USD 4 hr Parabolic SAR chart then we will find that it is showing an upwardly sloping pattern. We can see that some dots have formed below the price and are climbing in an upwardly sloping pattern, this could suggest an uptrend for Ethereum price. We must remember that the dots that rise above price and are slumping in a declined sloping pattern then it could be a downtrend. So, at the moment, the Ethereum price is showing an uptrend.

As we can see the dots have formed between $353 to $360 price range and as per the Parabolic SAR, the rate of change, often described its sensitivity, can be adjusted by reducing the step. This operates by extending the gap between SAR and price. Now, the thing with the SAR is that it could reverse once price reaches its level. Hence, if SAR is further from price, a withdrawal in the indicator is less expected. So, right now, the SAR is not far from the current price, that does not mean that ETH price will decrease in the next 24 hours. As mentioned earlier, the RSI was overextended and it seems that it has now slightly cooled off so this could be a positive sign for the Ethereum price. We wish you happy trading!