- The ETH crypto price has given rise to a breakout from a large flag pattern at $3063.6.
- The crypto reflects 27.36% positive returns during the monthly trading session.
- Its 24-hour trading volume has reached over $14 Billion with an increment of 4.63%.
Ethereum needs no introduction in the crypto world. It is open-source, and its native token, Ether (ETH), is one of the most popular cryptocurrencies. Ethereum offers a platform for cryptocurrencies and decentralized smart contract execution.Â
Over the past few months, the ETH crypto has been performing strongly. It captured a lot of investors in recent sessions, which can be a positive sign for upcoming growth opportunities.
Where is the Ethereum price heading after a 20% upsurge?
The Ethereum price has shown enormous strength since February 2024. The price recorded over 45% positive returns during that month. March also followed the same phase, with 9.09% positive results. However, the buyers were anxious about the price value at that level. They started initial crypto-selling in April 2024.
Consequently, the cryptocurrency reflected over 17% bearish remarks in April. However, the bullish correction phase ended in May 2024 with an over-24% rise. Recently, the price has gained a 20% bullish rally with strong bullish sentiment. That indicates a positive growth opportunity for investors.
Price, Volume, and Social Dominance Analysis
The social hike in tweets had a noticeable increase after mid-April 2024, although the price took a slightly longer time to rise. In recent sessions, the social buzz has shown a rise above 15% in the entire crypto world.
That rise in tweets reflects the social sentiments of people and communities and can be observed in the increasing price of Ethereum.
Technical Analysis of the Ethereum (ETH/USD)
Source: ETH/USD Daily Chart by TradingView
Currently, the price is moving above the key exponential moving averages, reflecting a long-term bullish outlook. It crossed above the 50-day EMA with strong bullish momentum from below, indicating a strong uptrend continuation.
The ETH price has given a breakout from a larger bullish flag pattern at $3063.6. It reflected over 20% upsurge after the breakout. It also broke above the $3732.5 immediate resistance level. The current Ethereum price reflects a bullish outlook above the $4099.2 resistance and bearish below the $2837.3 as per the technical speculations.
The relative strength index (RSI) shows strong bullish momentum in the current phase. The RSI is moving at 65 toward the 70-mark upper band, reflecting dominating bullish strength in the current session.
Summary
Ethereum crypto has recently ended the bullish correction period with an impulsive bullish move. The crypto made an over 20% upsurge in price.
Technical indicator summary suggested a strong bullish signal in the current phase. When writing, the current price traded at $3792.7. The technical speculation suggested a bullish look above $2099.2 in the current session.
Technical Levels
When writing, the immediate resistance for the ETH price was $4099.2, and the $2837.3 level was the next support. A sharp price rise can be seen if the price closes above the upper resistance level. Likewise, a drop below the mentioned support can lead to a price fall.
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.