Ethereum price analysis is bullish today as we have seen consolidation and another brief spike lower over the last 24 hours. Since ETH/USD has rejected further downside again, we expect another rally to soon begin.
Cryptocurrency heat map. Source: Coin360
The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, declined by 0.61 percent, while Ethereum by 1.81 percent. Meanwhile, Solana (SOL) has been the worst performer, with over 5 percent loss from the major altcoins.
Ethereum price movement in the last 24 hours: Ethereum fails to retrace, spikes lower again
ETH/USD traded in a range of $1,747.46 to $1,845.31, indicating mild volatility over the last 24 hours. Trading volume has declined by 25.73 percent, totaling $16.6 billion, while the total market cap trades around $212.975 billion, resulting in a dominance of 17.47 percent.
ETH/USD 4-hour chart: ETH rejects downside again
On the 4-hour chart, we can see Ethereum price preparing to move higher as the $1,750 offered further support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong volatility over the past week. After a strong recovery from the $1,700 low, a new swing lower high was set at $2,000.
From there, ETH/USD quickly moved back lower, setting a higher low at $1,800 on Wednesday. Consolidation followed, indicating that reversal is due next and bulls have regained control over the market.
However, upside did not follow, as Ethereum price broke lower again. This time, new local low was set at $1,750 before rejection for downside was seen again. Likely this price development will lead back to the upside over the weekend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen another brief retest of downside end with another rejection. Therefore, ETH/USD should head higher over the weekend and look to set another upswing.