Ethereum (ETH) Rides Green Waves; Can It Surge Higher?

Ethereum, the leading altcoin, experienced weeks of pessimism amid weakened broad market sentiments that had it losing the $1,000 mark. Nonetheless, it reclaimed the mark and surged higher within the past 24 hours. ETH gained more than 9%, trading at $1,144. Nevertheless, ETH stayed 22% down within the past seven days.

The altcoin even dropped beneath $900 before buying momentum registered gradual recoveries. Ether saw upswings on its price chart. It remains unclear whether ETH will maintain elevated price actions as the technical picture remains somewhat dicey.

Bears remain in control of the marketplace, and falling beneath $1,000 will see it dropping into the $700 – $900 trading zone. Such a move might attract buyers again to avoid more declines. Meanwhile, the altcoin has retained bearish tendencies for more than ten weeks.

Ethereum 4Hr Timeframe

While publishing this blog, Ethereum rides bullish waves after touching the $900 lows. The 4hr chart shows the token reclaimed the $1,000 mark. For now, overhead resistance stands at $1,200. Meanwhile, another selling wave will push the crypto into the $800-$900 value area.

Ethereum recorded a slight dip on the 4hr chart, indicating bearish influence within the marketplace. The asset saw faded volume, indicating decreased buying. Moreover, the red volume candle confirmed bearish price movements.

Technical Analysis

Meanwhile, buying momentum improved in the marketplace as Ether noted upticks. Nevertheless, the 4hr chart reflected a buying pressure downtick, indicating a further price drop. The RSI (Relative Strength Index) stood near 50, following a downtick.

The RSI remained positive, meaning buying momentum outshined selling strength. Meanwhile, buying strength resurgence propelled ETH past the 20 Simple Moving Average. Prices beyond the 20SMA mean buyers control the price action.

A slight relief surge attracted buyers into the marketplace. The MACD, which shows price change and direction, paints bullish signals. The Moving Average Convergence Divergence saw a bullish cross and displayed green sign bars, reflecting a buy sign for ETH.

Persistent buyer actions might push ETH to the nearest resistance level. Also, Chaikin Money Flow (CMF) displayed recoveries on the chart. It stayed at the half-level, showing equal capital outflows and inflows for Ether.