Ethereum price has been in a sustained uptrend as it has crossed over the 50-day and 200-day Simple Moving Averages (SMAs). With a golden cross formed at $3,080, the price of Ethereum could surge further from this point.
Moreover, buyers are aggressively buying as the Relative Strength Index (RSI) surged above the overbought zone of 70 to reach 91, confirming the ongoing bullish sentiment among investors.
The Moving Average Convergence Divergence (MACD) is also trending bullish as the lines extend above the neutral line. The green bars on the histogram also support the positive momentum as they extend above the neutral line.
According to Ethereum price analysis on the 1-hour chart, Ethereum price will continue to rise in an ascending channel. Moreover, the launch of an ETF could also be a major catalyst for a surge in ETH price in the coming months.
If bulls take advantage of these factors, the price of Ethereum could rise to the $3,524 level.
However, as the RSI shows that the coin is overvalued, sellers may start to take control of the price. In this case, the price of Ethereum is likely to trade with the 50-day and 200-day SMAs being the immediate support levels at $3,204 and $3.098.
