Ethereum price is showing extremely bullish behavior and its price is about to touch $400 mark. The entire cryptocurrency market is showing positive momentum from the past few days. Just a few days ago, ETH price was struggling to crack a crucial resistance level of $250. On July 22, the world’s second-largest cryptocurrency finally managed to rise above $250 and hit $269 on the same day. Today, at the time of writing the ETH price is at $397.60 (+1.53%). Now, is Ethereum price on its way to an all-time high? Let’s see it in more detail.
Ethereum Price Analysis: Long-Term Outlook of ETH Price
Last week, Ethereum cracked its yearly high of $348.5 with a weekly gain of almost 21%. This week, the Relative Strength Index (RSI) is displaying the overbought region indicating the depth of the bullish momentum. Right now, the most critical time frame could be the monthly chart. Ethereum price is showing a bullish pattern but still, it needs to touch a monthly close above $400 across exchanges to completely confirm the uptrend.
Ethereum whales are expanding their holdings. According to statistics from Santiment, the number of Ethereum whales has grown significantly in the past month. The number of investors accommodating at least 100 Ethereum coins massively increased from an average of 40,000 to 46,000 in days.
Ethereum Price Analysis: ETH Price is Bullish
In the daily chart, the price is increasing bullishly higher and it has now reached positive areas. The RSI still has lots of room to move upwards. The Ethereum price could be able to touch the $400 mark in the medium term. The percentage change in the current market cap of ETH, vs USD, compared with 24hrs ago is increased by almost +1.26% but the percentage change in the BTC-denominated current market cap of ETH price, compared with 24hrs ago is decreased by almost -1.81%.
On the other hand, the range between the lowest and highest trading prices of Ethereum in US Dollars, over the last hour is between $394.66 – $397.56 and the range between its lowest and highest trading prices in US Dollars, in 24 hours could be $388.98 – $408.07.
The Ethereum price could trade in a sideways move as it could create lower highs with higher lows. A split below the bullish support arose from the July 28 low at $308 may keep the bearish potential alive. Therefore, a split below $390 could send ETH/USD towards $361.7, while a break above $410 may create a rally towards the $443.