Bitcoin’s (BTC) price remains above $71,000, and the cryptocurrency market continues to show positive price movements with significant gains in major altcoins. The largest altcoin, Ethereum (ETH), reflects this trend with a notable 14.28 billion dollar trading volume and a 2% increase in value over the past 24 hours.
ETH’s Price Indicates Continued Upward Momentum
ETH has recently been trading within a narrow range of $3,020 to $3,400, experiencing a period of weak price movement. As market volatility increased, the upward trend strengthened, surpassing this range. Since then, ETH has maintained its position above the crucial support level of $3,730, indicating a positive outlook for the price.
In the last 24 hours, ETH recorded a 1.47% increase, adding to its 2.18% gain over the past 7 days. Notably, the altcoin‘s price has risen by 21.27% in the last 30 days and indicates a 68.58% increase since the beginning of the year. These metrics signal a strong upward trend for ETH in the short term.
Technical Indicators Support Upward Trend
Simple Moving Average (SMA) acts as a support level on the price chart, indicating increased buying pressure. Additionally, the Relative Strength Index (RSI) is hovering near the overbought range, emphasizing the strong bullish sentiment in the altcoin king. The RSI also suggests a high likelihood of an upward trend in the daily timeframe, indicating that ETH’s price could continue to rise this week.
If the upward momentum continues, ETH could test $4,094. Successfully maintaining this level could pave the way for the altcoin to challenge the upper resistance level of $4,500 in the coming weeks. This scenario depends on the bulls maintaining their current strength and pushing the price higher.
Conversely, if the bears overpower the bulls, ETH could fall below the critical support level of $3,730. In this case, failing to regain upward momentum could lead to further declines, potentially testing support levels below $3,400 this month.
