Ethereum price analysis is bullish today.ETH/USD made another push higher overnight.Previous support at $3,140 retested as resistance.
Ethereum price analysis is bullish today as we have seen more upside tested and the $3,140 mark was briefly reached overnight. Therefore, ETH/USD should see even further retracement over the next days as sellers are still exhausted.
Cryptocurrency heat map. Source: Coin360
The market has traded mostly in the red over the last 24 hours. Both Bitcoin and Ethereum saw a slight decline of 0.57 and 1.04 percent, respectively. The rest of the market followed with mild volatility.
Ethereum price movement in the last 24 hours: Ethereum fails to reverse, retraces further
ETH/USD traded in a range of $3,041.07 – $3,139.93, indicating mild volatility over the last 24 hours. Trading volume has declined by 7 percent, totaling $16 billion, while the total market cap trades at $367.27 billion, resulting in a dominance of 19.48 percent.
ETH/USD 4-hour chart: ETH to set another higher local low?
On the 4-hour chart, we can see a slight push lower today as another local higher low needs to be set before further retracement can follow.
Ethereum price action has seen further lows reached at the beginning of the week. After a 10 percent drop from the $3,300 resistance, a new low was found at $2,950 on the 11th of April.
Since then, ETH/USD has started to retrace, with several local higher highs already set. Late yesterday bulls pushed ETH as high as the $3,140 previous support turned resistance, indicating a substantial retracement overall.
However, we expect further upside to follow spoon. Likely another higher local low will be set by the end of the day, providing a base from which to rally even higher.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen another higher local high set overnight and retracement so far today. Therefore, another higher local low will likely be soon set, leading to further recovery over the weekend.