Ethereum Price Analysis: ETH Surges 8%+ Amidst Bullish Momentum, Technical Indicators

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a great upswing, capturing the attention of investors today, 9th April 2024. As of writing today, ETH is trading at $3,677 and having recorded to a high of  $3,692.33 earlier today, marking a significant 9.30% increase over the past seven days and over 8% surge in just the last 24 hours.

                                                                               ETH Data Chart (CoinMarketCap)

With a market capitalization of over $441 billion, Ethereum solidifies its position as the second-largest cryptocurrency, trailing only Bitcoin. The trading volume over the past 24 hours has been substantial, reaching $20,261,869,320, accounting for a remarkable 106.34% of its market cap. Demonstrating the heightened level of interest and activity surrounding the cryptocurrency. Ethereum’s circulating supply currently stands at 120,070,465 ETH, with an identical total supply.

ETH Technical Analysis: A Bullish Narrative Unfolds

Examining the weekly candlestick chart, the current bullish momentum is evident. While Ethereum recently hit a high of $4,093, three out of the four preceding weekly candles closed bearish, with only one candle closing bullish – a retracement amidst a broader bear run. However, last week’s candlestick formed a bullish “hammer” pattern, signaling a potential reversal in the downtrend.

                                                                                ETHUSD Price Chart (TradingView)

This week’s candlestick further solidifies the bullish narrative, reinforcing the hammer effect witnessed last week. The wide Bollinger Bands indicate high volatility, suggesting that significant price movements could be on the horizon. Additionally, the Relative Strength Index (RSI) currently stands at 69, approaching the overbought region but still leaving room for further bullish movements.

Daily Dynamics: Breaking Out of the Descending Triangle

Ethereum’s price has been bullish since retesting the descending triangle’s support around $3,202 on April 2 for the third time. Yesterday, April 8, we witnessed a massive breakout from the resistance of the descending triangle, showcasing strong bull momentum.

                                                                                  ETHUSD Daily Chart (TradingView)

The RSI on the daily chart stands at 58, indicating ample room for prices to continue their bullish trajectory before a potential retracement. In the event of a retracement, the immediate support level is likely to be the recently broken-out trendline of the descending triangle. On the other side, the immediate resistance is the recent high of $4,093. Given the strength of the breakout and the confirmation of the bullish trend, Ethereum’s price is expected to remain bullish in the coming days.

4-Hour Analysis

Ethereum is currently trading above the descending triangle’s trendline and retesting its support level around the $3,675 mark. If a retracement occurs, the price could potentially revisit the imbalance left yesterday after the breakout or retest the trendline support.

Twitter embed link <https://x.com/all_crypto_gems/status/1777456772250255493> 

However, with Bitcoin fueling the momentum, altcoins like Ethereum are likely to propel even further. As such, Ethereum’s price is poised to rally and retest the previous high of $4,093 and potentially surpass it to retest all-time highs of 4,867, setting the stage for new milestones in the crypto valuation. As the bullish sentiment surrounding Ethereum continues to strengthen, traders are keeping a close watch on this dynamic asset, anticipating further price movements to the upside.

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