TA Indicates an Early Start to a Bull Move, Will It Hold?

The price of Ethereum (ETH) is up almost 3% in the last 24 hours. The 24-hour price gain has also contributed to a long-awaited weekly rise in the price of ETH.

According to CoinMarketCap, the price of ETH has posted a 0.71% gain in the last 7 days. The price of ETH stands at $2,864.26 at the time of writing, which also makes the project’s total market cap around $345.28 billion. This made the crypto ranks as the 2nd biggest cryptocurrency project by market cap – behind Bitcoin (BTC) and in front of Tether (USDT).

The 24-hour trading volume for ETH is slightly down and stands at almost $14 billion, which is a 0.82% decrease in the last day.

Looking at the daily chart for ETH/USD, the price of ETH hovers around the $2,800 level after being below the level for the two days prior. The daily volume for ETH is relatively low, but the majority of trade volume has been buy orders as bulls attempt to revive the price of ETH.

The relative strength index (RSI) of the crypto also signals that ETH is between overbought and oversold. MACD also gives no confirmation of the current trend. However, the histogram does show a potential trend reversal towards a small bullish move as its gradient is positive. Should MACD cross the signal indicator, the reversal could be confirmed.

Given the price of ETH posting lower lows and lower highs, there will need to be a mass of buy volume in order to not only confirm the reversal of the current bear trend but also to maintain the bullish move.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.