Ethereum price analysis is bullish today as we have seen a strong bounce from the $1,275 support and a move higher ever since. Therefore, we expect ETH/USD to continue even higher and look to reach the $1,350 resistance next.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.56 percent, while Ethereum 0.44 percent. Meanwhile, the rest of the market was mostly in the green.
Ethereum price movement in the last 24 hours: Ethereum forms double bottom
ETH/USD traded in a range of $1,275.32 to $1,307.86, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.72 percent, totaling $8.63 billion, while the total market cap traded around $157.5 billion, resulting in market dominance of 17.22 percent.
ETH/USD 4-hour chart: ETH looks to continue higher?
The 4-hour chart shows Ethereum price action starting to advance again, likely leading toward previous resistance at $1,350 over the next days.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has failed to continue even higher after a strong higher low was set at $1,275. From there, ETH/USD rallied higher and retested the $1,350, forming a double-top reversal pattern.
Since then, ETH has declined back to $1,275 support and formed a consolidation in an increasingly tighter range as both a lower high and higher low was set. Therefore, a clear break to either side needs to be made before further upside follows.
Ever since, Ethereum price action has traded with bullish momentum, returning above $1,300 support. Likely further upside will continue overnight, leading back towards previous resistance at $1,350.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a reaction from the $1,275 support and a strong move higher over the past hours. Therefore, we expect ETH/USD to return back to the $1,350 resistance.
While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.
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