Signal price

Ethereum Price Rebounds Again, But Touching These Levels Could Trigger A Sell

The price of Ethereum has increased further in the past 24 hours. ETH demonstrated an 8% jump over the past day.

This took the altcoin past a few trading levels and has now turned them into support lines. The altcoin was quite bullish at the time of writing.

In just one week, the coin gained more than 20%, which made the price action bullish. The technical outlook for Ethereum was also tilted towards the bulls, with demand for the altcoin turning strongly positive at the time of writing.

As a result, the buying force has also turned optimistic at the time of writing. Ethereum can only target the $1,700 resistance mark if the bulls can hold the price above Ethereum’s immediate resistance mark.

If the bulls run out of steam, the coin could start trading again near the $1,500 price zone. The coin might be witnessing a sell off at the $1,690 resistance mark.

If the bulls manage to reverse the $1,690 level, it could be the start of a larger trend change. Buying strength and broader market strength remain vital for Ethereum.

Ethereum Price Analysis: One Day Chart

Ethereum was priced at $1,620 on the 1-day chart | Source: ETHUSD on TradingView

ETH was trading at $1,620 at the time of writing. The coin had struggled to break above the $1,500 mark for the past few weeks.

The recent bullish strength helped Ethereum swing above a number of resistance levels.

As Ethereum continues to remain quite supportive, the jump to $1,700 could be possible if the coin breaches the immediate price cap of $1,630. It may encounter significant resistance at the $1,690 level.

If the price pushes above this mark, the bulls will remain for a considerable period of time.

A decline from the current price level will take ETH to $1,520 and then to $1,460, causing ETH to consolidate between these levels.

The amount of ETH traded in the last session was positive, indicating an increase in the number of buyers.

Technical analysis

Ethereum Price
Ethereum was overbought on the one-day chart | Source: ETHUSD on TradingView

The altcoin has accumulated great buying strength on its 24-hour chart. Ethereum price has been overvalued due to excessive demand.

The relative strength index was above the 80 mark, indicating that buyers far outnumber sellers in the market.

Once the asset has visited the overbought zone, the price usually experiences a pullback.

Ethereum price was above the 20-SMA line, indicating that demand had surged and buyers were driving the price momentum in the market.

Ethereum Price
Ethereum showed a buy signal on the one-day chart | Source: ETHUSD on TradingView

Other technical indicators also showed that the bulls were in full control of the altcoin price. The Awesome Oscillator was forming green signal bars that were getting bigger.

These are the buy signals for the coin. AO exhibits price momentum and strength of price direction. The Chaikin Money Flow describes the inflows and outflows of capital at a given time.

The CMF was above the half line, which revealed that capital inflows exceeded outflows, outlining positive price action for Ethereum.