Ethereum’s price has rebounded strongly over the last seven days, climbing back up from a recent low below $1,000.
ETH price is currently at $1228.41 a change of 7.71% over the past 24 hours. The current price action of ETH has led to market capitalization of $148,344,552,371 USD.
The 24hr volume sits at $14,183,763,159 with a decline of 7.85% a distinct show that the market is in a consolidation phase .
Source:Trading View
From the technical analysis standpoint, ETH bulls have been able to push prices higher after dropping below $1K. Prices are now trading just below the $1300 level and it looks like bulls are ready to push prices even higher in the near-term.
On the trade view chart chart, the ETH / USD pair has formed a bullish flag pattern and is currently trading just below the upper bound of the flag. A breakout above this level could push prices towards $1300 in the near-term.
The RSI on the chart timeframe is currently at 48.25, which shows that there is still some room for upside in the near-term.The major support lies at $1160 and resistance at $1280.
The MACD on the chart is currently placed just above the signal line, which shows that there could be some bullish pressure in the market in the short-term.
The MACD is in the bullish zone and is gaining momentum. However, if prices were to break out above the $1300 level, we could see a strong rally towards $1400.
The Bollinger bands are almost nipping towards each other a clear defination that the market is currently bullish.
From the bullish trend of ETH it is evident that there is good potential for growth in the near future.The market looks set to test the $1300 resistance level in the near-term and a breakout above this level could see prices move towards $1400 over the coming days .
The post appeared first on Coinpedia
