- Ethereum price analysis is bullish today.
- ETH/USD moved just below $4,000 yesterday.
- Small retracement followed overnight.
Ethereum price analysis is bullish today as a small retracement was seen overnight, preparing ETH for another push higher today. Therefore, we expect ETH/USD to target the $4,000 price mark again later today.
The overall market traded in the red over the last 24 hours, with Bitcoin losing 0.9 percent. Ethereum has declined even worse, with a loss of 1.71 percent, while Dogecoin (DOGE) is down by 5.6 percent.
Ethereum price movement in the last 24 hours: Ethereum reverses just under $4,000
ETH/USD traded in a range of $3,805.89 – $3,962.45, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 24.14 percent and totals $14.64 billion, while the total market cap trades around $458.5 billion, resulting in a market dominance of 18.38 percent.
ETH/USD 4-hour chart: ETH looking to break $4,000?
On the 4-hour chart, we can see a slight retracement for Ethereum price as bulls prepare for another push higher later today.
Ethereum price has seen strong bullish momentum so far this month. After several days of consolidation above $2,750 at the end of September, a new major swing low was set.
From there, ETH/USD rallied by more than 30 percent to the $3,650 mark, retesting previous swing high resistance. After some retracement over the following days, ETH spiked higher again on Tuesday, quickly leading to a new swing high.
Since then, the Ethereum price action has continued to set further highs, with the $4,000 major resistance almost reached yesterday. Overall, ETH/USD should see another push higher over the next 24 hours, likely resulting in a break above the $4,000 mark.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as a slight retracement was seen overnight after a strong push higher. Therefore, we expect ETH/USD to attempt to reach the $4,000 again later today.
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