- Ethereum price analysis is bullish today.
- ETH/USD saw another push higher today.
- $2,750 support still holds.
Ethereum price analysis is bullish today as another push higher was seen earlier today after a retest of $2,750 support area. Therefore, we expect ETH/USD to continue higher over the next 24 hours.
The market traded with mixed results over the last 24 hours. The market leader, Bitcoin, has lost 3.57 percent, with Ethereum following. The rest of the top altcoins have seen varying results.
Ethereum price movement in the last 24 hours: Ethereum bounced from $2,750 support again
ETH/USD traded in a range of $2,786.99 – $3,045.54, indicating substantial volatility over the last 24 hours. Trading volume has increased by 6.25 percent and totals$17.97 billion, while the total market cap trades around $347.3 billion, resulting in market dominance of 18.35 percent.
ETH/USD 4-hour chart: ETH spikes above $3,000
On the 4-hour chart, we can see the Ethereum price regaining bullish momentum with a sharp spike higher earlier today.
Ethereum price action has traded in a range over the past week. The trading range of $2,750-$3,150 was formed after a sharp decline on the 20th of September.
Since we saw a drop of over 25 percent, we can assume that bears are exhausted again. ETH/USD has attempted further downside several times over the past week, with bullish momentum returning each time.
Overall, the trading range indicates that we can expect further consolidation for Ethereum price until the breakout is seen to either side. Most likely, the breakout will follow to the upside, as bears are exhausted.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as a slightly higher low was retested above $2,750 overnight, and bulls have pushed ETH above $3,000 again. Therefore, ETH/USD should continue higher later today and potentially breach the next resistance at $3,150.
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