<i><span style="font-weight: 400">The ETH technical analysis displays a bullish reversal as prices start consolidating, signaling buying opportunities for traders, with price breaks above the 50-day SMA.</span></i>

<span style="font-weight: 400">Although Ethereum (ETH) dropped around 2% in the last 24 hours, the coin showed strong recovery signs in today’s price actions, pulling back at $1,179 signaling swing entry in an uptrend. ETH witnessed a sharp bullish breakout at the $1,180 support level after a prolonged bearish trend since last week, which pulled ETH 22.61% in the last 7 days. With a current price of $1,223.56 as of writing, ETH gained 3.48% in the last hour, signaling buying opportunities for intraday traders. Despite ETH seeing a 35.79% jump in 24-hour trading volume, its market cap dropped 3.52% to $149.73 billion, indicating a lack of interest among buyers. </span>
<h3><span style="font-weight: 400">Key Points</span></h3>
<ul>
 	<li style="font-weight: 400"><span style="font-weight: 400">ETH price moves above 50-day SMA indicating an underlying bullish trend</span></li>
 	<li style="font-weight: 400"><span style="font-weight: 400">ETH prices actions make ascending triangle signaling a sharp recovery </span></li>
 	<li style="font-weight: 400"><span style="font-weight: 400">The intraday trading volume in ETH is $ 12.89 billion </span></li>
</ul>
<a href="https://www.tradingview.com/x/Dd57709i/"><span style="font-weight: 400"><img src="https://s3.tradingview.com/snapshots/d/Dd57709i.png" alt="TradingView Chart" />Tradingview</span></a>
<h2><span style="font-weight: 400">ETH Technical Analysis</span></h2>
<span style="font-weight: 400">ETH consolidated in the range of $1174 and $1190 between 0% and 23.60% Fibonacci replacement level before breaking above 100% at $1248. The ETH price line moves above the 50-day SMA, signaling towards bullish reversal with the trendline making an ascending triangle. If bullish momentum continues, ETH may break the ceiling of $1400 offering more buying opportunities. Conversely, if reversal fails to build the bullish trend, prices may fall back below $1200 which may trigger a profit-booking phase. The sideline readers may have multiple buying opportunities as ETH braces for another bull cycle. </span>
<h2><span style="font-weight: 400">Technical Indicators</span></h2>
<span style="font-weight: 400">RSI slopes show a fall from the overbought zone narrowly skipping a bearish divergence at 70% above 14-day SMA, </span><span style="font-weight: 400">reflecting an improvement in the underlying sentiments. Buyers may get a buying opportunity at the subsequent fallout. Moreover, the declining gap between the MACD and signal lines teases a bearish crossover, as the bullish histogram declines. </span>

<span style="font-weight: 400">ETH, as technical indicators exhibit, is set for another bull rally with RSI showing increasing buying pressure while price candles display multiple low-price rejections.</span>

ETH Technical Analysis: Ethereum Prepares to Climb Back Above $1,400

The ETH technical analysis displays a bullish reversal as prices start consolidating, signaling buying opportunities for traders, with price breaks above the 50-day SMA.

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

ETH Technical Analysis: Ethereum Prepares to Climb Back Above $1,400

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