This week Ethereum made the highest gain compared to several other cryptocurrencies including Bitcoin. Ethereum gained 13.64%, Bitcoin only 5.15%. BNB 9.24%, XRP 6.78%.
Ethereum's market capitalization reached $359.31B, the price this month was a low of $2,167.28 and a high of $3,001.60.
According to BH News, this surge in Ethereum's value reflects a variety of market catalysts, including increased anticipation of spot ETFs, the upcoming Dencun upgrade, the Bitcoin halving phenomenon, and the deflationary consequences of Ethereum's recent upgrade that included a transaction fee burning mechanism that led to a decrease in supply circulating. ETH.
ETHUSD technical analysis
Reading the price chart on Ticktrader FXOpen UK, now ETHUSD price is moving below the upper band line and forming a bullish candlestick with a long shadow at the bottom candle. Price recorded a low of 2876.396 and a high of 3003.377 based on this chart.
Bollinger bands are still forming an upward channel with a wide band distance indicating high market volatility.
MA 50, which measures the average close price for the past 50 days, forms an upward channel above the middle band line, far below the price, an indication of strong uptrend momentum.
On the other hand, the RSI indicator shows level 81, which means the price is in the overbought zone, giving an early warning of possible rejection.
In the H1 timeframe, the price moves near the upper band line. Here a price swing occurs and bounces near the lower band which is a dynamic support zone.
MA 50 is below the middle band forming an upward channel indicating an uptrend market.
The Bollinger band is slightly expanding, indicating that volatility has increased. Meanwhile, the RSI shows level 61, which means the price is above the uptrend level.