Ethereum, the world’s largest altcoin, recaptured the $ 1,600 level and targeted a breakout above the 200-SMA. The bulls of the market remained in control of the Uniswap market and the resistance at $ 27.2 seems likely to tip over in a bullish scenario.
Ethereum (ETH) price analysis
Successive green candlesticks on Ethereum’s 4-hour chart highlighted the bullish sentiment in the market after regaining the $ 1,600 level. However, what was interesting was that ETH recorded gains even when the 200-SMA (green) crossed the 50-SMA (blue), this is generally considered a bearish trend. Perhaps the gains also reflect a positive correlation with Bitcoin as it moved up at the time of writing.
Blockchain measurements showed that ETH was soaring for additional gains over the next few trading sessions. The RSI has risen sharply and the bulls are looking into the overbought territory as they try to control the price. The Awesome Oscillator also saw an increase in bullish momentum. An increase above the 200-SMA looks certain going forward.
Uniswap (UNI) price analysis
Parabolic SAR’s dotted marks moved below the candlesticks as Uniswap continued its uptrend after recovering from $ 20. While the value of 20 is seen in the ADX Indicator, there is some weakness, but the index is pointing upward as the rise in the market is strengthened.
The bears may find it difficult to hold the $ 27.2 resistance mark if the trading volumes stack up in the coming sessions. Conversely, if the UNI moves down, the 50-SMA (yellow) could act as a buffer against the price drop.