Ethereum, the second-largest cryptocurrency by market capitalization, has risen significantly today, April 9, 2024, and is attracting the attention of investors. As of today's writing, ETH is trading at $3,677, having hit a high of $3,692.33 earlier today. It gained a hefty 9.30% over the past 7 days and surged more than 8% in the past 24 hours alone.
ETH data chart (coin market cap)
With a market capitalization of over $441 billion, Ethereum has solidified its position as the second-largest cryptocurrency after Bitcoin. The trading volume in the last 24 hours amounted to $20,261,869,320, which is worth noting. 106.34% of market capitalization. It shows the growing level of interest and activity surrounding cryptocurrencies. The circulating supply of Ethereum is currently 120,070,465 ETH and the total supply remains the same.
ETH technical analysis: A bullish story unfolds
Examining the weekly candlestick chart, the current bullish momentum is clear. Ethereum recently hit a high of $4,093, but three of the previous four-week candlesticks ended bearishly and only one ended bullishly, amid a broader bear market. It is a retracement of However, last week's candlesticks formed a bullish “hammer” pattern, suggesting a possible reversal of the downtrend.
ETHUSD price chart ((TradingView)
This week's candlesticks further solidify the bullish narrative and strengthen the hammer effect observed last week. Wide Bollinger Bands indicate high volatility and suggest that a big price move may be on the horizon. Additionally, the Relative Strength Index (RSI) is currently at 69, approaching overbought territory, but there is still room for further bullish moves.
Daily dynamics: Escape from the descending triangle
Ethereum price has been bullish since April 2, when it retested the descending triangle support near $3,202 for the third time. Yesterday, April 8th, we witnessed a massive breakout from descending triangle resistance, indicating strong bullish momentum.
ETHUSD daily chart (TradingView)
The RSI on the daily chart is 58, indicating that there is plenty of room for the price to continue its bullish trajectory up to the retracement. If a retracement occurs, the immediate support level is likely to be the trendline of the descending triangle that recently broke out. Meanwhile, immediate resistance lies at the recent high of $4,093. Given the strength of the breakout and confirmation of the bullish trend, Ethereum price is expected to remain bullish in the coming days.
4 hours analysis
Ethereum is currently trading above the descending triangle trendline and retesting the support level near the $3,675 mark. If a retracement occurs, price may reconsider the imbalance left yesterday after the breakout or retest trendline support.
#Ethereum is currently retesting the 4-hour support level, indicating a bullish signal and setting the stage for a potential uptrend if the retest is successful. This indicates a potential opportunity for the next upside in the price movement. 🔥🎯#ETH #bitcoin #cipher… pic.twitter.com/9BEiPS5Mbn
— Crypto Gem Finder (@all_crypto_gems) April 8, 2024
But with Bitcoin gaining momentum, altcoins like Ethereum could gain even more momentum. As such, Ethereum price is poised to rise and retry its previous high of $4,093, and potentially move beyond that to retry its all-time high of $4,867, adding to the We are ready for new milestones. As bullish sentiment surrounding Ethereum continues to grow, traders are keeping a close eye on this dynamic asset and anticipating further price increases.
Join our WhatsApp and Telegram community for regular updates on top technology
