TL;DR Breakdown
- Ethereum price analysis is bullish today.
- ETH/USD set another higher low at $4,000 overnight.
- Upside is currently tested again.
Ethereum price analysis is bullish today as we saw a higher low set above $4,000, leading to a slight recovery so far today. Likely, ETH/USD will continue higher over the next 24 hours as bears are exhausted after a strong selloff on Friday.
The cryptocurrency market saw bearish momentum return again, with Bitcoin down by 1.3 percent. Ethereum follows, with a loss of 1.09 percent, with the rest of the top altcoins performing even worse.
Ethereum price movement in the last 24 hours: Ethereum drops again, finds support around $4,000
ETH/USD traded in a range of $3,990.68 – $4,162.30, indicating strong volatility over the last 24 hours. Trading volume has declined by 30.49 percent, totaling $13.36 billion, while the total market cap trades around $486.6 billion, resulting in a market dominance of 19.82 percent.
ETH/USD 4-hour chart: ETH recovers again
On the 4-hour chart, we can see the Ethereum price moving higher again today as bulls are eager to test upside after a higher low set overnight.
Ethereum price has seen strong volatility this week. After dropping more than 15 percent last week, support was found around $3,950. Further higher low was set early this week, resulting in more upside reached later.
A strong higher high at $4,550 was set on Thursday, indicating that the overall market structure has turned bullish again. However, a strong spike lower followed on Friday, leading ETH slightly below the $3,950 previous major swing low.
Since then, the Ethereum price has retraced to retest the $4,200 mark as resistance before starting to move lower yesterday. Overnight, rejection for further downside was seen around $4,000, leading to some bullish momentum returning again Today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect more upside to follow over the next 24 hours after a higher low was set around $4,000 yesterday. Alternatively, ETH/USD could start to consolidate in an increasingly tighter range if a lower high is set later today.
While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
