.png){kind=logo}
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been making significant strides in recent weeks, capturing the attention of investors and traders alike. According to the latest statistics, ETH is trading at $3,615.85, a remarkable 100.90% increase over the past year and an 8.47% gain in the last seven days and 3.10% increase in the past 24 hours. The 24-hour trading volume stands at $9.7 billion, while its market cap currently sits at an over $434 billion.
ETH Data Chart (CoinMarketCap)
The Ethereum network has a circulating supply of 120,070,566 ETH, which is equal to its total supply, indicating a well-established and mature ecosystem. These figures paint a picture of a robust and growing cryptocurrency market, with Ethereum leading the charge.
The technical analysis of Ethereum's price movements reveals a promising outlook for the coming weeks and months. On the weekly chart, the past two weeks, candles have all closed bearish after a rejection at the $4,093 resistance zone. Last week, prices retested the breakout from the ascending trendline, which now acts as a strong support level, indicating the presence of strong underlying bullish momentum.
ETHUSD Weekly Chart (TradingView)
Price found support at the ascending trendline and closed with a hammer candlestick pattern, signaling a potential reversal of the bearish sentiment and a resurgence of bullish forces. This week's price action has already demonstrated this bullish momentum, with Ethereum likely to close bullish later today, 31st March, to open a new weekly candle and a new monthly candlestick at the same time, paving the way for a new bull run aimed at retesting the recent high of $4,093 and potentially surpassing it.
Ethereum's price is slightly bullish and trading in respect to the retest of the ascending trendline breakout. If the current bullish run continues, the price is likely to test resistance at $4,093 and beyond. It is worth noting that the price demonstrated a fake breakout to the downside on the ascending trendline, which was swiftly corrected, further reinforcing the underlying bullish sentiment.
Today's candlestick opened at $3,507.31 and has since recorded a low of $3,505.76. The Relative Strength Index (RSI) reading of 54.66 signals an equal and neutral pressure in the market, suggesting potential for further upward momentum.
ETHUSD Daily Chart (TradingView)
On the 4-hour timeframe, a fake breakout to the downside is clearly evident, but it was promptly corrected, and the price is now bullish, respecting the strong ascending trendline support. Currently, Ethereum is trading towards the recent high of $4,093, although it may also retest the recent low of the $3,257 zone before continuing its upward trajectory.
The increased market depth from the $3.6 billion spike in peak ETH trading volume trends between February and March suggests that Ethereum's price is likely to hold firm above $3,500 in the weeks ahead. Analysts and experts in the cryptocurrency space are bullish on Ethereum's prospects, with some forecasting that the bulls could target the $5,000 mark in April, should the current momentum persist.
As the Ethereum network continues to evolve and gain adoption, with numerous projects and decentralized applications built on its platform, the demand for ETH is expected to increase, potentially driving its price even higher in the long run.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
