Ethereum price analysis: ETH recovers at $3250. Bullish pattern to continue?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• Resistance is present at $3390.
• The support for ETH is found at $3152.

Ethereum price analysis report is in favor of the bullish side today as the coin has started to recover after rejecting further downside below $3162. ETH observed a strong correction for the last 70 hours, i.e., 4th April onwards. But the trend changed in favor of bulls today as the coin’s price levels increased by more than a $100 value overnight. This is a good sign for the buyers as the price is retracing upwards, helping in maintaining the major bullish trend, which was disturbed by the bearish activity of the last three days.

ETH/USD 1-day price chart: Bulls to conquer the resistance of $3390

The 1-day Ethereum price analysis chart shows an increase in price as the bulls are back on track again. Today the market has been supportive for the buyers, as the price has recovered up to $3250, which has minimized the loss to 4.33 percent for the past week.

This can be considered a great accomplishment for the bulls, as ETH has gone through a huge loss in the last three days. Today’s uplift has helped in wading out the fears of the bearish trend returning to the market. The moving average (MA) value is currently set at $3382 above the SMA 50 curve.

The volatility is high as well, which can be considered a positive sign for cryptocurrency. If we move forwards toward the Bollinger bands, then the upper Bollinger band is present at the $3638 level representing the resistance, whereas the lower Bollinger band is present at the $2816 level representing the strongest support.

The Relative Strength Index score is increasing again after decreasing towards the center of the neutral zone and has reached the index of 54, which is a quite average figure and the indicator’s curve is still upwards, indicating a healthy buying activity.

Ethereum price analysis: Recent developments and further technical indications

The 4-hours Ethereum price analysis shows that the bulls have shown significant progress as the price has been on the rise from the start of the trading session, and they have leveraged the situation by increasing the price to $3251. The strong bearish trend has been overturned after the appearance of the green candlesticks as the bulls are trying to secure their position on the price chart again.

The moving average value is just below the ETH price, as it is present at the $3246 level. The volatility is increasing continuously, but the Bollinger bands seem to be taking a downwards breakout which is a negative signal for cryptocurrency.

The Bollinger bands are keeping their average at $3368, whereas their upper value is present at $3616 and the lower value at $3121. Lastly, the RSI score, as determined from the 4-hours price chart, is present at index 37, which is a neutral level but lower side; however, the indicator has recovered from the undersold region.

Ethereum price analysis: Conclusion

The given 1-day and 4-hours Ethereum price analysis predicts that the cryptocurrency has been recovering today as the bulls have elevated the price levels after a continuous decrease.

The day has seen a strong comeback from the bullish side, as the bulls have once again increased the price to $3250. As the resistance level is quite far from the current price, there are sufficient chances of further recovery today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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• Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-04-07/