Ethereum Price Analysis: ETH breaks $4,400 major resistance, strong advance to follow?

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TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD saw a higher low set at $4,200 yesterday.
  • Previous swing high at $4,400 broken.

Ethereum price analysis is bullish today as we expect further upside to follow after a break above the previous high at $4,400. Additionally, ETH/USD set a clear higher low yesterday, opening up room for a strong advance today.

Ethereum Price Analysis: ETH breaks $4,400 major resistance, strong advance to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin up 3.31 percent. Ethereum followed with a gain of 3.21 percent, while Avalanche and Binance Coin are the top performers from the major altcoins.

Ethereum price movement in the last 24 hours: Ethereum sets higher low at $4,200, rallies above $4,400 previous resistance

ETH/USD traded in a range of $4,176.18 – $4,423.14, indicating substantial volatility over the last 24 hours. Trading volume has declined 7.95 percent, totaling $19 billion. Meanwhile, the total market cap trades around $523.2 billion, resulting in market dominance of 19.82 percent.

ETH/USD 4-hour chart: ETH currently breaking new high

On the 4-hour chart, we can see the Ethereum price currently pushing forward after a break above the $4,400 resistance, indicating bullish reversal is in play.

Ethereum Price Analysis: ETH breaks $4,400 major resistance, strong advance to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen consolidation in an increasingly tighter range this week as both a lower high and higher low were set. After peaking at $4,867 earlier this month, a strong retracement took the market to the $3,950 mark, where the consolidation started.

After a reaction to $4,438 on the 20th of November, ETH/USD saw a higher low set at $4,050, while a lower low was established below $4,400 a day later. From there, Ethereum moved to $4,200, where a strong higher low was set, indicating a break higher could follow.  

Bullish momentum took over the Ethereum price action again late yesterday, leading to a strong advance overnight. During the first half of today, the $4,400 major resistance was reached, with a break higher following over the past hours. Likely we will see ETH/USD continue even higher, sending signals that the bearish momentum over the past weeks has potentially ended.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as a strong rally began overnight after a higher low was set above $4,200. Therefore, we expect ETH/USD to set a strong higher high over the next 24 hours.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.