Ethereum price analysis: Ethereum surges to $4599, on the way to hit a new ATH?

The Ethereum price analysis reveals the Queen crypto is in a bullish mood today, as the price has risen to $4599 today, just below the previous all-time high of $4674. After correcting on 4th and 5th October, Ethereum is bullish from yesterday and has toned out the corrective loss, aiming for a new all-time high, but bulls show signs of exhaustion before reaching the ATH.

The broader crypto market is bullish today, with the King of cryptocurrencies, Bitcoin, rising back to $62,040, and most altcoins are reporting significant gains following the footstep of the leader Bitcoin. Kadena and Helium are topping the charts reporting 45 and 20 percent gains, respectively.

ETH/USD 1-day price chart: ETH in bullish swing

The 1-day price chart for Ethereum price analysis shows that the Queen is reigning supreme as the bulls are leading the price with mighty hold maintain the price levels above $4500, as the Ethereum price is touching $4599 at the time of writing, gaining four percent value over the last 24 hours, and more than 8.5 percent value over the course of the last seven days. But today’s trading volume is comparatively less as the trading volume over the last 24 hours shows a decline by 0.79 percent, providing a market dominance of 19.6 percent to the Queen crypto under the King’s shadow.

ETH/USD 1-day price chart. Source: Tradingview

The volatility is mild for the Queen Ethereum as the Bollinger bands do not show any notable change as compared to the past few days. The upper band is present at the $4731 mark, which represents resistance for the coin, and the lower band is at $3827, representing the lowest support for the crypto. The mean average of the indicator is found at $4279, representing support for Ethereum.

The Ethereum is nearing the overbought condition as the relative strength index (RSI) is floating around index 65 in the upper half of the neutral zone. The RSI is trading on a slight upwards curve, indicating more buying activity in the market.

Ethereum price analysis: Recent developments and further technical indications

The 4-hour Ethereum price analysis shows that the price breakout was upwards during the first four hours of today’s session, but then a small correction was observed followed by a good spike as Ethereum rallied from $4543 to $4615. But recently, bulls are again on the rest as another correction is under process, and the price has stepped down to $4599.

ETH/USD 4-hours price chart. Source: Tradingview

The volatility is slightly increasing for Ethereum on the 4-hour chart as the Bollinger bands have again started expanding today, with the upper band at $4625 representing resistance on the 4-hour chart and the mean average at $4509 representing support for the coin. The moving average is trading at $4523 below the price level, and the RSI has taken a downturn now as it trades at index 60, showing sellers dominance in the market currently.

Ethereum price analysis: Conclusion

The Etherum price analysis shows that the Queen is on a march towards a new record high only after three days of hitting the last ATH. If the current correction continues for more than four hours, the expectation for a new record high may not be met today. On the contrary, if the bullish support continues, then there are bright chances for Ethereum to discover a new record high above $4674 today and close the week with staggering results.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source