With the market leader, Bitcoin price, holding its price above the $71,000 mark, the cryptocurrency market continues to display a positive price action with top altcoins adding significant value in their respective portfolios.
On the other hand, the leader of altcoins, ETH price, has displayed a similar price movement by recording a trading volume of $14.28 Billion and adding approximately 2% in valuation within the past day.
ETH Price Hints A Bullish Price Action:
The ETH token displayed a weak price action by trading in a closed range between $3,020 and $3,400 for a brief period. As the volatility in the market grew, the bulls regained momentum and the altcoin leader recorded a bullish breakout in the chart.
Since then, the Ethereum price has continued to hold its price above its important support level of $3,730, indicating a positive influence for the crypto token in the market.
Positively, the ETH Coin price has added 1.47% within the past day and 2.18% over the past week. Further, it has jumped 21.27% within the past 30 days and has a Year-to-Date (YTD) return of 68.58%, suggesting a positive outlook for the altcoin in the coming time.
The technical indicator, SMA, acts as a support to the price chart, indicating increased buying-over-selling price for the leader of altcoins in the crypto market.
On the other hand, the Relative Strength Index (RSI) continues to hover close to its overbought range, highlighting a strong bullish sentiment in the crypto space. Moreover, the average displays a high possibility of a bullish convergence in the 1D time frame, suggesting the price will continue gaining value this week.
Will Ethereum Price Go High?
If the bulls regain momentum, the Ethereum price will test its resistance level of $4,094. Maintaining the price at that level will set the stage for the ETH coin price to test its upper resistance level of $4,500 during the upcoming weeks.
Conversely, if the bears overpower the bulls, the Ethereum token will fall below its important support level of $3,730. Furthermore, if the bulls fail to regain momentum, the ETH crypto will further plunge and prepare to test its lower support level of $3,400 this month.
