- Ethereum price analysis is bullish for today.
- ETH/USD retraced and set a higher low yesterday.
- ETH is set to break $4,000 next.
Ethereum price analysis is bullish for today as the market retraced yesterday and set another higher low. Therefore, we expect ETH/USD to continue rallying and break above the $4,000 mark once again.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is down by 0.28 percent, while Ethereum has gained 0.6 percent. Filecoin (FIL) is among the best performers, with a gain of almost 20 percent.
Ethereum price movement in the last 24 hours: Ethereum sets another higher low
ETH/USD traded in a range of $3,837.93 – $3,955.71, indicating mild volatility over the last 24 hours. Trading volume totals $18.73 billion, down by 15.89 percent from yesterday. Meanwhile, the total market cap trades around $461.4 billion, resulting in market dominance of 20.16 percent.
ETH/USD 4-hour chart: ETH set to break $4,000 again?
On the 4-hour chart, we can see the Ethereum price starting to rally again as bulls look to set further highs.
Ethereum price action has struggled to move higher over the past weeks. After finding resistance around $3,300-$3,350 in the middle of August, a several-week consolidation was seen.
After retesting support at $2,950 on the 18th of August, Ethereum set a higher low twice until a breakout of the $3,350 resistance was made on the 31st of August. From there, the Ethereum price quickly gained 25 percent and reached the next major price milestone at $4,000 this Friday.
Since then, ETH/USD has slowly retraced back towards the previous local swing high and found support above it. Earlier today, some bullish momentum resumed, indicating that bulls could make another attempt to push the market above the $4,000 resistance early next week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as a new higher low was set overnight after a slow retracement from the $4,000 resistance. As long as bulls keep up the momentum, we expect ETH/USD to rally above the $4,000 mark early next week.
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