The price of Ethereum (ETH) is currently showing a strong bullish trend, staying above the important support level of $3,730.
ETH has seen significant gains across different time frames, with a 1.47% increase in the last 24 hours. Technical indicators like the SMA and RSI also point towards a positive outlook for Ethereum.
As the overall cryptocurrency market continues to perform well, with top altcoins increasing in value, the market leader, Bitcoin, has managed to stay above the crucial $71,000 mark. Similarly, Ethereum, leading the altcoin market, has shown a similar price movement, with a trading volume of $14.28 billion and a 2% increase in valuation over the past day.
Initial weak price action for Ethereum was observed as it traded between $3,020 and $3,400 for a short period. However, as market volatility increased, the bulls regained control, resulting in a bullish breakout for Ethereum.
Since this breakout, Ethereum has consistently held above the important support level of $3,730, indicating a positive impact on the cryptocurrency. In the last 24 hours, ETH has seen a 1.47% increase in price, along with a 2.18% increase over the past week. Additionally, Ethereum has shown an impressive 21.27% rise in the last 30 days and a Year-to-Date return of 68.58%, suggesting a promising future for the altcoin.
The future price movement of Ethereum will depend on whether the bulls can maintain their momentum. If they do, Ethereum is expected to test its resistance level of $4,094, potentially leading to a challenge of the upper resistance level of $4,500 in the upcoming weeks.
However, if the bears take control, Ethereum may drop below the critical support level of $3,730. Failure by the bulls to regain control at this point could lead to a further decline, possibly testing the lower support level of $3,400 this month.