Ethereum Pushes Above Vital Resistance, Could Soon Revisit $1500
19 Luglio 2022 - 6:00AM
NEWSBTC
The bulls for Ethereum are back on the chart, the altcoin has
appreciated over the last 24 hours. Bitcoin’s northbound movement
has helped Ethereum gain some of its lost value. Other altcoins
have also followed a similar trading pattern. Ethereum recently
touched the $1500 mark but at press time, the coin was placed
slightly below the aforementioned level. In the past week, Ethereum
registered close to 30% increase in its value. The new week has
made market movers trade in the green. With consistent increase in
price, Ethereum left behind the $1280 resistance mark which the
coin previously struggled to move past. It faced resistance at the
aforementioned level a couple of times. Buying strength also
returned into the market which further helped ETH to maintain its
price action. For ETH to solidify its bullish stance, its important
Ethereum maintains its price above the $1500 mark. With Bitcoin
moving over $22,000 and ETH touching $1500, market capitalisation
also soared. The global cryptocurrency market cap today was at
$1.04 Trillion after more than a month with a positive 3% change in
the last 24 hours. Ethereum Price Analysis: Four Hour Chart ETH was
trading at $1476 at the time of writing. It was moving very close
to the $1500 mark which it touched few trading sessions ago.
Overhead price ceiling was at $1500, and climbing above the same
could intensify ETH’s bullish stance. On the flipside, if Ethereum
witnesses a correction, It would first fall to $1300 and then to
$1100 respectively. ETH has continued to register higher highs
which is a sign of a price uptrend. Amount of Ethereum traded
declined which meant that buyers dominated the market. Technical
Analysis ETH has recovered in terms of buying strength over the
past week. Buying pressure has consistently built up and remained
that way. The Relative Strength Index was over the overbought
territory as buyers continued to dominate. In the same vein, ETH’s
price was above 20-SMA portraying that buyers were driving the
price momentum on the four hour chart. Not only that, price of the
altcoin was stationed above the 50-SMA and 200-SMA lines too, this
marked bullish strength for the king of altcoins. Related Reading |
Liquidations Cross $230 Million As Ethereum Barrels Past $1,400
Growth in buying strength is often synonymous with increased
capital inflows of an asset. The indicator pictured the same
reading on the above chart. Chaikin Money Flow registers capital
inflows and outflows. The indicator was above the half-line which
meant that capital inflows were more compared to capital outflows
on the four hour chart. Awesome Oscillator marks the price
direction and potential reversal too. AO displayed green histograms
and that signified buyers were back as it also can be interpreted
as buy signal for Ethereum. Push above the $1500 mark remains
important for ETH along with buyers assistance in the market.
Related Reading | TA: Ethereum Outpaces Bitcoin, Why ETH Could Rise
To $1,500 Featured image from UnSplash, chart from TradingView.com
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