Ethereum price analysis is bullish today as we have seen a break above the $1,250 previous major resistance after bears failed to take over the momentum. Therefore, we expect further tests of upside to follow later today, likely leading to a strong higher local high set early next week.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. Bitcoin gained 2.1 percent, while Ethereum almost 5 percent, being one of the top performers of the day. Some of the top altcoins like Cardano and Dogecoin performed even better, with over 6 percent gains.
Ethereum price movement in the last 24 hours: Ethereum fails to reverse, looks to set higher high
ETH/USD traded in a range of $1,184.56 to $1,272.13, indicating mild volatility over the last 24 hours. Trading volume has declined by 18.82 percent, totaling $12.05 billion, while the total market cap trades around $154.18 billion, resulting in market dominance of 15.74 percent.
ETH/USD 4-hour chart: ETH ready to continue higher overnight?
On the 4-hour chart, we can see previous resistance at $1,250 already broken, likely leading to further upside tests over the next hours. Unless the momentum suddenly shifts, we expect Ethereum price to reach $1,300 by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has shown signs of reversal over the past few days. After the last major swing low was set at $900, ETH/USD set another lower high, however, it failed to continue lower during the middle of the week.
Eventually, a higher local low was set at $1,050, leading to another push higher above the $1,200 previous local high. More upside followed until the next major resistance at $1,250, where clear resistance was found again.
From there, ETH moved into slight consolidation, with not much downside tested, indicating that the current wave higher has not yet ended. Another test of the $1,250 mark followed overnight as a result, leading to a very narrow consolidation formed this morning.
The consolidation continued until later in the day, when a quick spike higher finally broke past the major resistance. Therefore, another clear sign of medium-term term reversal is set again, and we can expect more upside to follow early next week.
Likely the next target will be the $1,450 resistance as it previously served as support. However, when considering the low momentum, we might see another higher local high set before that. In this scenario, a pullback that sets another higher local low would further confirm more upside to follow over the next weeks.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen failure to reverse below the $1,250 previous high and major resistance. Additionally, a quick spike higher followed over the past hours, indicating that bulls will look to set an even more decisive breakout over the following hours. In this scenario, the next week should start very bullish, likely leading towards the $1,450 next major resistance.