Ethereum Price Analysis: ETH rejects further downside at $4,000, moves into consolidation?

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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.

Ethereum Price Analysis: ETH rejects further downside at $4,000, moves into consolidation? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: ETH rejects further downside at $4,000, moves into consolidation?
ETH/USD 4-hour chart. Source: TradingView

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.