The Ethereum price has gained significant attention in the cryptocurrency space over the last seven days. This has resulted in it recording a new multi-month high and further reclaiming its important psychological level of $4,000.
With the rising bullish sentiment and the increased adoption of the ETFs, will the ETH price achieve a new ATH this month? Let’s find out the short-term market sentiments and price analysis of the largest altcoin by market cap, Ethereum.
The Ethereum price has added 2.19% to its portfolio in 24 hours with a trading volume of $47.809 billion. Moreover, it has surged 7.61% in the last seven days and 41.84% during the past month.
The Relative Strength Index (RSI) continues hovering around the overbought range in the daily time frame. Moreover, with its average trendline acting as a support, the Ethereum token may continue gaining value in the upcoming time.
Furthermore, the Simple Moving Average (SMA) displays a constant uptrend in the Ethereum price chart. This indicates an increase in the buying pressure for the altcoin in the cryptocurrency market.
If the bullish sentiment sustains, the Ethereum price will retest its resistance level of $4,100. Maintaining the price above that level could set the stage for it to head toward its upper price target of $4,500 this month.
On the contrary, if a bearish reversal occurs, the Ethereum token will retest its support level of $3,700. Furthermore, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $3,300.
Are you wondering about the long-term price prospects of this altcoin? Read CoinPedia’s Ethereum Price Prediction. Also, subscribe us to stay updated on the latest crypto-related news first!
With increased adoption and bullish price action, the ETH coin price could reach a maximum price of $15,575.
As of today, 0.025 ETH can be purchased with $100.
If the bullish sentiment sustains, the ETH price could go as high as $13,000.
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