Ethereum Is Up 4% But Are The Charts Pointing Towards Sustained Recovery?

Ethereum is bullish on the chart today at the time of writing. ETH has broken the consolidation phase and is up 4% in the past 24 hours. The altcoin king took $1900 as a strong support level. After the coin crossed the $1700 level, bulls started appearing in the market.

Altcoin demand has also returned to the market after Ethereum surged and crossed the $1,700 price mark. Continued buying power could push ETH to trade above the $2000 price level.

If the bulls continue to trade above the $2000 price level, the recovery will remain strong in the market. At the moment, Ethereum is down 60% from its all-time high of $4,800, which the coin took in November 2021.

The general price cap for the coin was $2,100. If the bulls fail to maintain the momentum, the currency may return to the consolidation phase.

Ethereum Price Analysis: 1 Day Chart

Ethereum traded at $1900 on the daily chart | Source: ETHUSD on TradingView

ETH is priced at $149 at the time of writing. The closest support line for the coin was at $1,900, and a fall from it could push ETH near $1,700.

The breakup from the merger has caused the coin to rise 4% in the past 24 hours. For the coin to invalidate the consolidation bit, the coin should try to trade near $2100 and then $2400.

If the tires come out of the bulls, Ethereum could be placed between $1,700 and $1,900. Currency volume decreased in the last trading session.

The volume bar was in red indicating that the bearish pressure is still in the market.

Technical Analysis

Ethereum is flashing an increase in buying power on the intraday chart | Source: ETHUSD on TradingView

Buyers returned to the market with increased demand for the coin on the intraday chart. The RSI noticed an upward movement as buyers regained confidence.

Despite the increase in buying power, the RSI has noticed a slight dip which could mean selling pressure is returning to the market.

The coin was priced above the 20-SMA which is a sign of an uptrend and pushing the buyers is causing the price to rise even more. This indicates that the price momentum was driven by buyers in the market.

Related reading | TA: Ethereum is Testing $2K, Why ETH Could Expand the Pool

Ethereum is blinking a buy signal on the intraday chart | Source: ETHUSD on TradingView

With the number of buyers increasing as seen on the RSI, Ethereum is flashing buy signals on the intraday chart. Awesome Oscillator depicts price momentum and shows green histograms indicating a change in price momentum. The green histograms on the AO can be attributed to a buy signal. Bollinger Bands indicate price volatility.

The indicator showed narrowing of the bands which could be related to a change in volatility or incoming price fluctuations in the market.

Although Ethereum is rising on the charts, indicators have painted a mixed signal. Only with continued buying power can Ethereum completely invalidate the bearish theory.

Related reading | TA: Ethereum reaches a critical crossroads, can the bulls make it

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