- Ethereum (ETH) price displays bullish momentum, holding above the crucial support level of $3,730.
- ETH has experienced significant gains across various timeframes, with a 1.47% increase in the past day.
- Technical indicators, such as the SMA and RSI, support the bullish outlook for Ethereum.
As the cryptocurrency market continues to exhibit a positive price action, with top altcoins adding significant value to their respective portfolios, the market leader, Bitcoin, has managed to maintain its price above the crucial $71,000 mark.
In a similar vein, Ethereum, the leader of altcoins, has displayed a comparable price movement, recording a trading volume of $14.28 billion and experiencing an approximate 2% increase in valuation within the past 24 hours.
ETH Price Shows Signs of Bullish Sentiment
Ethereum initially exhibited a weak price action, trading within a confined range between $3,020 and $3,400 for a brief period. However, as market volatility intensified, the bulls regained momentum, resulting in a bullish breakout for the altcoin leader.
Since this breakout, the Ethereum price has consistently held above its crucial support level of $3,730, indicating a positive influence on the crypto token within the market.
Over the past day, the ETH coin price has experienced a 1.47% increase, while gaining 2.18% over the course of the past week. Furthermore, Ethereum has witnessed an impressive 21.27% jump within the past 30 days and boasts a Year-to-Date (YTD) return of 68.58%, suggesting a favorable outlook for the altcoin in the near future.
Will Ethereum’s Price Continue to Rise?
If the bulls maintain their momentum, the Ethereum price is expected to test its resistance level of $4,094. Sustaining the price at this level will pave the way for the ETH coin price to challenge its upper resistance level of $4,500 in the coming weeks.
On the other hand, if the bears manage to overpower the bulls, the Ethereum token may fall below its critical support level of $3,730. If the bulls fail to regain their footing at this point, the ETH crypto could experience a further plunge and prepare to test its lower support level of $3,400 this month.
