Ethereum Price Analysis: ETH in the Bull Market?

Ethereum price is showing good improvement. At the time of reporting, ETH is currently trading at 195.16 USD, after a 6.11% increase since last week. It seems that the Ethereum price is finally entering into the bull market.

Current Ethereum Price Analysis

Ethereum Price
Ethereum Price Analysis: Image Source: TradingView

Today, the Ethereum price opened at 189.06 USD. The day’s range is between 188.29 — 197.29. If the selling demand makes Ethereum fall below $188 then the next support can be observed at $183 and 200-days EMA.  The next resistance for ETH lies at $200 and having bearish.884 Fib retracement at $213. 

The RSI is more than 50 levels. It has started to point upward and is displaying strong signals toward the bull market. Moreover, some alteration has also developed between the RSI and price action. This clearly indicates that the next resistance is at 200 USD and if Ethereum price gores pass this resistance then the next resistance is at $213.

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Ethereum Price Analysis: 5 days chart is promising

Ethereum Price
Ethereum Price Analysis: Image Source: TradingView

This year is showing some positive momentum for the crypto market. The Ethereum price has bounced back up. It is well beyond its EMAs. Now, Volume-wise,  Ethereum is almost more than 12 billion USD. 

Right now, buyers are in the driving position. This indicates that volatility can be assumed to grow. As mentioned earlier, the next Ethereum price target is around $200 because of the resistance level. If the Ethereum price is able to beat these two resistances of $200 and %213 levels then ETH can touch $250 soon.

Ethereum Price Analysis: Oscillating between Buy to Strong Buy Zone

The summary of the 1-day indicator shows that the Ethereum price is oscillating between buying to strong buy zone. 

Ethereum Price
Ethereum Price Analysis: Image Source:TradingView

However, the RSI oscillator is showing mostly neutral behavior. The Relative Strength Index is at 73.43, signifying selling action.

Ethereum Price
Ethereum Price Analysis: Image Source: TradingView

The moving averages are in the strong buying zone. The exponential moving average and simple moving average both are in the strong buying zone. The Resistance levels are $200, and $213  while the support levels are $195 and $190.

Conclusion

In the previous analysis, we had mentioned that the Ethereum price could touch $180. The ETH was already slowly and steadily climbing from the past few weeks. The bulls were comfortably trading above each EMA on the daily chart but the RSI (Relative Strength Index) was inching closer to the overextended zone. Ethereum has been experiencing a range of updates and hard forks designed to improve the current Proof of Work protocol for a Proof of Stake. These could be the reasons behind the ETH run. 

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