- The ETH coin price has grown 61% in the last monthly session.
- Technical indicators summary suggested a strong positive signal in the current phase.
- The trading volume has increased by 96.12% in the last 24 hours.
Ethereum (ETH) is a cryptocurrency that features its decentralized open-source blockchain system. ETH executes decentralized smart contracts and is a platform for numerous other cryptocurrencies. Ethereum 2.0 network uses a proof-of-stake (PoS) consensus mechanism. In addition, Ethereum’s fully diluted market capitalization is around $447 Billion.
The ETH Coin Provided Sustainable Returns for the Last Two Years
ETH coin price has witnessed a return of over 90% in 2023. It reflected a positive approach of Crypto investors during that year. The ETH price dropped to the $881 support level afterward; it got some bullish response from that level.
The investors had joined the bullish rally in July 2022, resulting in an upsurge of 56% from the $881 support level. However, the price struggled below the $1667 resistance level for five consecutive months and had a bullish pullback in January 2023.
As a result, the ETH coin price broke above the $1667 resistance level in March 2023. It made a bullish correction on $1532 in September 2023. The price surged 77% to the $2729 resistance, which can play a major demand zone for future bullish rallies.
Ethereum’s price has been experiencing strong momentum for the last two months. It is moving toward its all-time-high price of $4891. The current ETH coin price is performing 24.07% below its all-time high price with a circulation supply of 120 Million ETHs.
Technical Analysis of the ETH Coin Price
The 50-day EMA made a bullish crossover with the 200-day EMA at $1729 in November 2023, reflecting a strong uptrend. The current price is moving far above the EMAs, which is an indication of a positive signal.
ETH coin’s price is moving in an upward direction by consistently giving breakouts from the bullish flag and bullish peanut patterns. Recently, It gave a breakout at $3448, which is currently leading the ETH coin price toward $4242 resistance.
At press time, the ETH coin price is trading at the $3689 level. The price got a bullish reaction from the $3379 support level. Regarding the price action, ETH’s price can reach the $4242 resistance if it sustains above the $3592 level.
Furthermore, the relative strength index (RSI) slope is moving at 86.15 in the overbought area. It indicates that the buyers are dominating in the current trading sessions. The RSI is sloping above the signal line.
Summary
Ethereum is one of the oldest and most popular cryptocurrencies in the world. The current ETH coin price is performing in a strong bullish trend. At present, the ETH is moving toward the $4242 resistance level. Current price can take a small bullish correction on the $3592 resistance level for a strong momentum toward the all-time high price.
Technical Levels
- Resistance Levels: $4242 and $4891
- Support Levels: $3379 and $2729
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.