Ethereum price has rallied yet again in the last 24 hours. ETH has demonstrated an 8% jump over the past day.
This has made the altcoin break past a few trading levels and now flipped them into support lines. The altcoin was quite bullish at the time of writing.
In just one week, the coin gained more than 20%, turning the price action bullish. The technical outlook of Ethereum was also leaned towards the bulls as demand for the altcoin turned heavily positive at the time of writing.
As a result, buying strength also turned optimistic at the time of writing. Ethereum can target the $1,700 resistance mark only if the bulls can maintain the price above Ethereum’s immediate resistance mark.
If the bulls lose steam, the coin could again start to trade near the $1,500 price zone. The coin could witness a sell-off at the $1,690 resistance mark.
If the bulls manage to overturn the $1,690 level, then this could be the start of a broader trend change. Buying strength and wider market strength remain vital for Ethereum.
Ethereum Price Analysis: One Day Chart
ETH was trading at $1,620 at the time of writing. The coin had struggled to move past the $1,500 price mark over the last few weeks.
The recent bullish force has helped Ethereum topple above a number of resistance levels.
As Ethereum continues to remain quite favorable, the jump to $1,700 could be possible if the coin breaks past the immediate price ceiling of $1,630. It can experience weighty resistance at the $1,690 level.
If the price pushes above that mark, the bulls will stay around for a considerable period of time.
A fall from the current price level will bring ETH to $1,520 and then to $1,460, causing ETH to consolidate between those levels.
The amount of ETH traded in the last session was positive, indicating a rise in buyers.
Technical Analysis
The altcoin has accumulated hefty buying strength on its 24-hour chart. The Ethereum price was overvalued due to excessive demand.
The Relative Strength Index was above the 80-mark, which is a sign that buyers have heavily outnumbered sellers in the market.
Once the asset has visited the overbought zone, the price usually experiences a pull-back.
The Ethereum price was above the 20-SMA line, which indicated that demand experienced a steep increase and that buyers were…
Click Here to Read the Full Original Article at NewsBTC…
