Ethereum price analysis is bullish today as we have seen a strong reaction at the $1,100 support and buying pressure return since. Therefore, ETH/USD should see a retrace over the next days and move back toward previous consolidation levels.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 5.57 percent, while Ethereum almost 1 percent. Meanwhile, the rest of the market has traded with even more substantial selling pressure.
Ethereum price movement in the last 24 hours: Ethereum bottoms out
ETH/USD traded in a range of $1,083.29 to $1,234.51, indicating extreme volatility over the last 24 hours. Trading volume has declined by 30.19 percent, totaling $33.82 billion, while the total market cap traded around $148 billion, resulting in market dominance of 17.65 percent.
ETH/USD 4-hour chart: ETH ready to rally?
On the 4-hour chart, we can see bullish momentum returning over the past hours, likely leading ETH to retrace over the rest of the week.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong swing high set last week after new resistance was found around $1,650 resistance. Further upside could not be reached, forming a slow rounded reversal formation.
On Monday, ETH/USD spiked below $1,500 support, leading to a rapid decline over the past days. Some support was initially found at $1,250, however, recovery did not follow, leading to another push lower yesterday.
This time, Ethereum found support at $1,100, where a reaction higher was seen immediately overnight. Since then, ETH/USD has attempted to break above the $1,200 resistance, which when done, should open up the way for a lot more upside later in the month.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish as we have seen a strong reaction at the $1,100 support overnight after several days of decline. Likely ETH/USD will look to move back above $1,200 over the rest of the day and much higher later in the week, with the $1,500 mark likely being the target.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
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