According to CoinMarketCap, Ethereum (ETH), the largest altcoin by market cap, has increased during the past day.

At the time of writing, the price of ETH increased by slightly more than 1% over the previous 24 hours, rising to $1,242.47. This furthers its outstanding success on the weekly chart, as its price increased roughly 26.29 percent in the previous week. ETH’s value has increased by 1.19 percent in comparison to BTC. Right now, 1 ETH token is equivalent to around 0.05807 BTC.

The market capitalization of ETH has increased to $151.14 billion due to the recent climb in price. ETH is now at number 11 on CoinMarketCap’s trending list.

Daily chart for ETH/USDT
Source:CoinMarketCap

Looking at the daily chart for ETH/USDT, the price of ETH has returned to the point a few weeks ago following a 2-candle rise, with today’s candle appearing to close positively as well. As a result, the price of ETH is currently higher than the 9 EMA.

Given multiple positive signs, the 4-hour chart suggests that the upward trend in ETH’s price may continue. The 9 EMA is positioned above the 20 EMA and represents the first bullish flag. The location of the ETH price above both of the aforementioned EMA lines comes next. Another positive sign is that the RSI attempts to cross above the RSI SMA line.

4 hour chart for ETH/USDT (Source: CoinMarketCap)
Source: CoinMarketCap

There is still a lot of buying room until ETH enters overbought territory, given that the RSI is currently about 39.77 on the daily chart for ETH. The next target for ETH would be $1,600 if it were to break through the current resistance level on the 4-hour chart.

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