Ethereum price analysis is bullish today as we have seen further sideways action over the last 24 hours above the $1,200 support. Likely reversal will follow later as ETH/USD will look to retest the $1,275 resistance.
Cryptocurrency heat map. Source: Coin360
The overall market has seen low volatility over the last 24 hours. The leader, Bitcoin, lost 0.37 percent, while Ethereum lost 0.68 percent, while Solana (SOL) was one of the worst performers with a 5.5 loss.
Ethereum price movement in the last 24 hours: Ethereum fails to continue lower
ETH/USD traded in a range of $1,200.48 to $1,214.42, indicating low volatility over the last 24 hours. Trading volume has declined by 32.55 percent, totaling $6.09 billion, while the total market cap traded around $147.8 billion.
ETH/USD 4-hour chart: ETH lacks momentum
On the 4-hour chart, we can see narrow consolidation range over the last 24 hours at the $11,200 support, likely leading Ethereum price higher overnight once again..
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has moved sideways over the past week with both lower local highs and higher local lows set. Narrow trading range was later formed with support at $1,200 and resistance at $1,275, which since has been tested several times.
However, clear trend direction is still unclear. Over the past days, low volatility trading was seen at $1,200, indicating that a break lower will not follow and another test of the upside will soon follow.
Likely bullish momentum will return overnight and lead back to the $11,275 resistance. If it is broken, a lot more upside should follow later in October. Alternatively, ETH/USD will continue sideways movement until stronger momentum returns to either side.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have sideways momentum after failure to move past $1,200 support over the past days. Therefore, ETH/USD likely will soon look to retest the $11,275 resistance and continue further sideways consolidation.