Ethereum price analysis is bullish today as we have seen reaction higher at the $1,400 mark and a quick retest of it over the last hours. Therefore, ETH/USD has likely finally found bottom and is ready to reverse over the next days.
Cryptocurrency heat map. Source: Coin360
The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.12 percent, while Ethereum saw a slight decline of 0.53 percent. Meanwhile, Ripple (XRP) gained over 12 percent and was the top performer of the day from the top altcoins.
Ethereum price movement in the last 24 hours: Ethereum failed to hold $1,450 support
ETH/USD traded in a range of $1,415.04 to $1,453.63, indicating mild volatility over the last 24 hours. Trading volume has declined by 33.17 percent, totaling $12.4 billion, while the total market cap trades around $176.11 billion, resulting in market dominance of 18.21 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
On the 4-hour chart, we can see retest of $1,400 support result in a quick reaction higher over the past hours, likely indicating that Ethereum price will continue even higher overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong selling pressure over the past week. After a new swing high was set below $1,800, ETH/USD initially retraced to $1,550, where a strong higher low was set.
However, after a slight recovery higher to $1,650, ETH reversed again and quickly lost over 10 percent to the $1,450 mark. Recovery could not be made again, leading sellers to test even further lows overnight.
Not much further downside was reached as the $1,400 support reversed Ethereum price action. Since then, ETH/USD has consolidated and retested previous support. Likely, buying pressure will soon return as a result, and some of this week’s loss will be retraced.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have slowly reached further downside over the last 24 hours. However, the $1,400 support holds strongly so far, likely resulting in a shift in momentum over the next days.