Ethereum price has risen significantly on Wednesday, trading at $1,815 after gaining 3.3% on the daily chart at press time. The coin has risen by 14.5% in the last week and that has built a bullish momentum that will likely keep ETHUSD on the upward trajectory in the near-term.
According to CoinMarketCap data, Ether’s trading volume rose by 63% in the last 24 hours. That signals investors’ willingness to acquire the coin despite the rising price, raising the prospect of extended gains.
Institutional demand for Ethereum is also on the rise. According to Coinglass data, Ethereum spot ETF recorded $38.8 million worth of inflows, halting a run of six successive sessions without gains. Significantly, that was the largest single-day inflow in 53 trading sessions, affirming the likelihood of more gains by ETH price.
Beyond the exchange-based trading, Ethereum has also seen its performance grow substantially in the DeFi sector. According to DeFiLlama data, Ethereum chain’s Total Value Locked (TVL) is currently at $50.01 billion, after growing by 12.4% in the last 24 hours and by 7.1% in the last week. That shows increased utility for ETH coins, which translates to better upside prospects.
Ethereum price Relative Strength Index is at 75 on the 4-hour chart as of this writing, signaling a strong bullish momentum well inside the overbought territory. In addition, the Average Directional Index (ADX) reading on the same time frame is at 26, adding weight to the likely continuation of the uptrend.
Ethereum Price Forecast
Ethereum price will likely continue on the uptrend above the $1,755 pivot as signaled by the RSI. That momentum will likely meet primary resistance at $1,836. However, the buyers could clear that hurdle if they extend their control. Such a move could potentially take ETHUSD higher to test $1,905.
Conversely, action below $1,755 will signal control by the sellers. That could see the first support come at $1,675. A stronger downward momentum will break below that level, invalidating the upside narrative. In addition, such momentum could extend losses to find the second support at $1,602.
The post Ethereum Price Forecast: Hits Three-Week Highs, $1,900 in Sight appeared first in UK on InvestingCube.