Why Is Ethereum Price Up Today? Will ETH Rally to $4.5k Next?

Story Highlights

• The ETH price records a new 9-month high and retests the $4k mark.
• The technical indicators display increased bullish sentiment, hinting at a higher price target.
• A sustained bullish sentiment could push the price toward a new 52-week high.

The Ethereum price has gained significant attention in the cryptocurrency space over the last seven days. This has resulted in it recording a new multi-month high and further reclaiming its important psychological level of $4,000.

With the rising bullish sentiment and the increased adoption of the ETFs, will the ETH price achieve a new ATH this month? Let’s find out the short-term market sentiments and price analysis of the largest altcoin by market cap, Ethereum.

ETH Price Records New 9-month High!

The Ethereum price has added 2.19% to its portfolio in 24 hours with a trading volume of $47.809 billion. Moreover, it has surged 7.61% in the last seven days and 41.84% during the past month.

The Relative Strength Index (RSI) continues hovering around the overbought range in the daily time frame. Moreover, with its average trendline acting as a support, the Ethereum token may continue gaining value in the upcoming time.

Furthermore, the Simple Moving Average (SMA) displays a constant uptrend in the Ethereum price chart. This indicates an increase in the buying pressure for the altcoin in the cryptocurrency market.

Will ETH Price Hit $5k?

If the bullish sentiment sustains, the Ethereum price will retest its resistance level of $4,100. Maintaining the price above that level could set the stage for it to head toward its upper price target of $4,500 this month.

On the contrary, if a bearish reversal occurs, the Ethereum token will retest its support level of $3,700. Furthermore, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $3,300.

Are you wondering about the long-term price prospects of this altcoin? Read CoinPedia’s Ethereum Price Prediction. Also, subscribe us to stay updated on the latest crypto-related news first!

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