Story Highlights
- The ETH price records a new 9-month high and retests the $4k mark.
- The technical indicators display increased bullish sentiment, hinting at a higher price target.
- A sustained bullish sentiment could push the price toward a new 52-week high.
The Ethereum price has gained significant attention in the cryptocurrency space over the last seven days. This has resulted in it recording a new multi-month high and further reclaiming its important psychological level of $4,000.
With the rising bullish sentiment and the increased adoption of the ETFs, will the ETH price achieve a new ATH this month? Let’s find out the short-term market sentiments and price analysis of the largest altcoin by market cap, Ethereum.
ETH Price Records New 9-month High!
The Ethereum price has added 2.19% to its portfolio in 24 hours with a trading volume of $47.809 billion. Moreover, it has surged 7.61% in the last seven days and 41.84% during the past month.
The Relative Strength Index (RSI) continues hovering around the overbought range in the daily time frame. Moreover, with its average trendline acting as a support, the Ethereum token may continue gaining value in the upcoming time.
Furthermore, the Simple Moving Average (SMA) displays a constant uptrend in the Ethereum price chart. This indicates an increase in the buying pressure for the altcoin in the cryptocurrency market.
Will ETH Price Hit $5k?
If the bullish sentiment sustains, the Ethereum price will retest its resistance level of $4,100. Maintaining the price above that level could set the stage for it to head toward its upper price target of $4,500 this month.
On the contrary, if a bearish reversal occurs, the Ethereum token will retest its support level of $3,700. Furthermore, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $3,300.
Are you wondering about the long-term price prospects of this altcoin? Read CoinPedia’s Ethereum Price Prediction. Also, subscribe us to stay updated on the latest crypto-related news first!
FAQs
With increased adoption and bullish price action, the ETH coin price could reach a maximum price of $15,575.
As of today, 0.025 ETH can be purchased with $100.
If the bullish sentiment sustains, the ETH price could go as high as $13,000.
