Bullish Momentum Anticipates to Propel Ethereum Towards $1200

The bulls are currently in charge of the Ethereum market, despite bears’ attempts to drive prices lower after they pushed prices to an intraday low of $1195. The increase in demand caused the price of Ethereum to increase to $1196.29.

The market cap increased by 0.25% to $146,396,189,5634, indicating considerable buying activity, while the 24-hour trading volume fell by 13.38% to $3,538,483,754.

ETH/USDT 1-Day Trading Chart (Source: Coinmarketcap)]

Following the previous trading session, which resulted in an upward break for the price function at the start of today’s trading session, the price levels have risen once more as bulls maintain their dominance.

Ethereum’s current resistance level is $1211.60; if it is breached, the coin may go toward the important resistance at $1300 and maybe higher.

ETH/USDT 1-Day Trading Chart (Source: Tradingview)]

ETH price analysis indicates that the bulls are still covering the space upward. At the time of writing, the price of ETH went from $11.94 to $1196.69, with the coin trading at the latter sum. This shows that prices have increased by more than 0.32 percent over the last day. Additionally, the relative strength index (RSI) indicator, which is currently at 44.11 and is gradually increasing towards the overbought area, indicates that the prices may consolidate at the current levels before a breakout.

On the daily chart, ETH trades above the 100 SMA, indicating that the positive trend will continue. Additionally, the price of the currency is above its 200 SMA, suggesting that investors are still optimistic about future gains in the near future. There are neither overbought nor oversold situations at the moment, according to the Relative Strength Index (RSI), which is at 44.11.

The swollen Bollinger Bands are a sign of increased buying and selling activity. The market is rising above both zones, a sign that bulls are becoming more powerful and adding to the current positive market sentiment. When the top band reaches $1318 and the bottom band reaches $1153, a potential bullish trend might be detected.

ETH/USDT 4-hour Trading Chart (Source: Tradingview)]

Bollinger Bands are growing and rising on the 4-hour price chart, indicating a rise in market volatility. Bullish sentiment is indicated by the Bollinger Bands’ upper limit of $1202 and lower limit of $1187. Price action that is almost crossing above the top band provides additional support for this bullish trend.

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