- Ethereum (ETH) has surged by 55% since the start of 2023, contributing to the market’s rebound.
- Ethereum consolidates around the $1800 mark, with attempts to breach the $1900 resistance level.
- Bullish sentiment is evident with Ethereum’s position above the 50-day EMA.
The global cryptocurrency market is currently experiencing a recovery, largely attributed to XRP’s reclassification as a non-security in Ripple’s partial victory against the SEC. Additionally, Ethereum (ETH), the second-largest cryptocurrency, has witnessed a significant rally of over 55% since the beginning of 2023.
The digital currency has managed to stage a notable recovery, moving from its previous range of around $1,500 to the $2,000 range, marking a 34% increase in a month. Similarly, after breaching $1,685, the price of ETH has continued to consolidate around the $1,800 mark. This strong surge in the price of Ethereum has caught the attention of investors, bolstering market sentiment.
Despite its recent rally, Ethereum has struggled to surpass the $1,900 mark, experiencing a 9% decline from its recent peak of $2,022, which was recorded on July 13. This downward trend has led to a 5% drop in trading volume, which now hovers at $5.5 billion.
Analyzing Ethereum’s (ETH) Price Action
The daily price chart reveals a positioning above the 50-day Exponential Moving Average (EMA), highlighting the notable bullish sentiment. Currently, the 50 EMA stands at $1,848, underscoring a potential support level.
Ethereum (ETH) Price Chart (Source: TradingView)
Further, Ethereum’s 50-day Moving Average (50MA) is nearing its 200-day Moving Average (200MA). This crossing would hold significance for Ethereum price actions in the future. On the other hand, the Relative Strength Index (RSI) on the daily basis chart displays that ETH’s price is nearing the neutral zone at 47.64.
Also, bulls aim to overcome the challenge posed by the 20-day EMA, potentially paving the way for an upward movement towards the $2,000 threshold.
Furthermore, if the bullish trend continues, there’s a possibility of the ETH/USDT pair surging to $1,917 and potentially even reaching $2,018. Conversely, if the trend reverted, the bearish sentiment could potentially push its price downward, with experts warning of possible declines to $1,600 or even $1,458.
According to CoinMarketCap, the current price of Ethereum stands at $1,849, with a decline of 0.42% in the last 24 hours.
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