Ethereum price analysis is bullish today as we can see a higher low set at the $1,200 mark. Therefore, ETH/USD should be ready to continue even higher and move towards the $1,400 next resistance.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost almost 4 percent, while Ethereum by 4.46 percent. The rest of the market has traded with even more substantial selling pressure.
Ethereum price movement in the last 24 hours: Ethereum failed to move past $1,350
ETH/USD traded in a range of $1,211.33 to $1,341.79, indicating substantial volatility over the last 24 hours. Trading volume has declined by 38.26 percent, totaling $22.55 billion, while the total market cap traded around $154.15 million, resulting in market dominance of 18.09 percent.
ETH/USD 4-hour chart: ETH looks to continue higher?
On the 4-hour chart, we can see a slightly higher low set after reaction from the $1,200 support, indicating that further upside will follow overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a rapid decline over the past week as the $1,650 resistance prevented further upside. After several days of selling, ETH/USD dropped as low as the $1,100 support.
From there, a slight reaction higher followed, with further upside reached yesterday to the $1,350 resistance. ETH pivoted lower from there, attempting to set another higher local low.
Over the past hours, Ethereum price action has set a higher low at $1,200 as the swift reaction higher over the past hours indicates more upside will follow over the weekend. Likely we will see bullish momentum return overnight, leading to another wave higher.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen retrace to set higher local low after failing to move above $1,350 yesterday. Therefore, ETH/USD is ready to continue even higher and looks to push toward the $1,400 resistance next.