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Ethereum (ETH)Price Analysis

Ethereum Bulls Dominate, Will Resistance Hold?

The bulls on the Ethereum (ETH) market won the day, sending the price skyrocketing to an intraday high of $1,645.91 from a low of $1,597.21. Bulls’ heightened purchasing pressure kept the price from rising too quickly, even though traders seemed to be waiting for a possible breakthrough. At the time of writing, the ETH price was $1,634.18, reflecting continued bullish momentum in the market. This is a gain of 2.10 percent over the preceding 24-hour period.

The total value of trades during the last 24 hours increased by 2.10 percent to $199,930,794,111, while the trading volume increased by 7.65 percent to $6,022,036,100. Even though bears made a valiant attempt, Ethereum bulls were able to reclaim the day’s gains and take back control of the market. Investors’ faith in the token’s potential and the health of the Ethereum market are both shown by the surge in price.

ETH/USDT 24-hour price chart (source: TradingView)

ETH/USDT 24-hour price chart (source: TradingView)

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The ETH market has an Aroon up of 85.71% compared to a down of 42.86%, showing that the upward trend is much stronger than the downward trend. Given the current strength of the uptrend, this action is indicative of a bullish market and recommends that traders should consider starting long positions.

The Elder Force Index (EFI) score of 191.246K suggests that buying pressure is considerable and will most likely continue in the near future. This level, together with the bullishness of the market and the enhanced probability of returns on investments, provides an excellent chance for traders to benefit from this trend.

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In the 4-hour price chart for ETH, the Chaikin Money Flow (CMF) is 0.12, indicating that money is entering the market and that the net flow of capital is positive despite the low purchase volume. As a result, traders should be more confident in beginning long positions since purchase volume is constantly increasing, meaning a higher possibility of making strong profits.

ETH/USDT 4-hour price chart (source: TradingView)

ETH/USDT 4-hour price chart (source: TradingView)

Nonetheless, the Aroon up reads 21.43%, while the Aroon down reads 7.14% on the 24-hour price chart, showing that, although ETH is bullish, the bears are still making their presence known, and the bulls have yet to completely control the market. This movement indicates that Ethereum is in a consolidation period, as investors and traders wait to see whether the rise will continue or if prices will fall.

Since the CMF trend has almost crossed the “0” line with a value of 0.01, the bulls seem to have the upper hand, and Ethereum prices may increase higher, at least in the short term. This might be an ideal opportunity for skilled traders and investors to enter the market since Ethereum prices are more likely to soar than decrease.

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With a score of -337.443K, the EFI indicates that Ethereum’s present trend may not endure long, as a lack of purchasing demand means that prices may not remain at their current levels for long. As a result, investors and traders should be mindful of the present environment and only join the market if they believe prices will shift swiftly in either direction.

ETH/USDT 24-hour price chart (source: TradingView)

ETH/USDT 24-hour price chart (source: TradingView)

Bulls must struggle and retain domination of the ETH market if the market’s positive mood is to be maintained.


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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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