Ethereum price analysis is bullish today as we have seen another retest of previous low and another local higher low set. Therefore, ETH/USD is ready to reverse and begin move towards a new swing high.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.74 percent, while Ethereum 0.85 percent. Meanwhile, the rest of the market has seen even further decline with few exceptions.
Ethereum price movement in the last 24 hours: Ethereum fails to break $1,650
ETH/USD traded in a range of $1,572.60 to $1,648.95, indicating substantial volatility over the last 24 hours. Trading volume has increased by 28.55 percent, totaling $25 billion, while the total market cap trades around $194.13 billion, resulting in market dominance of 19.63 percent.
ETH/USD 4-hour chart: ETH ready to continue higher?
On the 4-hour chart, we can see Ethereum price action retesting previous lows, likely as buying pressure will return overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw strong bullish momentum last weekend, with another strong swing high set at $1,780. From there, ETH/USD started to retrace and tested the $1,720 support.
Break even lower followed on Tuesday, leading to a quick drop below $1,600. Support was later found just above $1,550, with consolidation seen since then.
Ethereum price action has formed strong reversal base and a higher low as a result. Once ETH/USD regains bullish momentum and moves back above $1,650 resistance, we expect another strong several day rally to follow later in September.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen further consolidation with a higher local low set over the past hours. Therefore, ETH/USD is ready to reverse and look to rally towards the previous swing high.