Ethereum [ETH/USD] Technical Analysis: 11% growth stumps bears, bulls take control as investors rejoice

The price of Ethereum [ETH] has seen a short-term increase over the past hour, witnessing a growth of about 11% as the cryptocurrency market pumped. In the light of this bullish growth, it is important to see whether this is sustainable growth.

1 hour:In the light of the pump, the volume for Ethereum has gone up by 0.5x, a significant gain in trading. This can be attributed to Asian markets.

The price can find a resistance at $218 and $230 marks, with a strong support line at $188. There is a downtrend from $223 – $212 at time of press, with a short support uptrend from $188 – $191.

The RSI is moving towards the overbought zone as momentum builds. If the price carries forward through the overbought indicator, then it represents a strong uptrend.

The MACD is demonstrating a bullish crossover, with the signal line crossing the MACD upwards.

1 day:There is a strong support level at $182, with resistances set for $299 and $247.

There is a strong downtrend in power since May, described by the movement $815 – $226.

The AO is red as the market tries to recover.

The Parabolic SAR is bearish and is set to turn bullish as seen by the proximity of the dots to the candles.

The Klinger VO is set for a bullish crossover.

Conclusion:

The market seems primed for upwards momentum, as seen by the strength of the movement today. It is left to see what consequences the price’s actions will have today. The price will test the $299 and $247.

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