- Ethereum price analysis is bullish today.
- ETH/USD spiked to $3,650 overnight.
- Bullish momentum has returned today.
Ethereum price analysis is bullish today as a sharp spike lower was heavily rejected, indicating an upcoming reversal back to the upside. Therefore, we expect ETH/USD to move higher over the next 24 hours.
The crypto market traded with mixed results over the last 24 hours. Bitcoin gained 1.07 percent, while Ethereum lost 1.64 percent. Meanwhile, Dogecoin (DOGE) is the top performer, with a gain of 14.4 percent.
Ethereum price movement in the last 24 hours: Ethereum retests $3,650 previous resistance in a quick spike lower
ETH/USD traded in a range of $3,660.72 – $3,907.68, indicating strong volatility over the last 24 hours. Trading volume has increased by 8.6 percent and totals $16.3 billion, while the total market cap trades around $452 billion, resulting in market dominance of 18.16 percent.
ETH/USD 4-hour chart: ETH set to rally further?
On the 4-hour chart, we can see Ethereum price reject further downside, indicating that reversal back to the upside will follow later this week.
Ethereum price action has seen strong bullish momentum so far this month. After a new major swing low was established around $2,750 at the end of September, a spike higher began the bullish momentum on the 1st of October.
After several days, ETH/USD had set a new major swing high at $3,650. After a several-day consolidation below the resistance, another push higher began on the 13th of October, taking ETH to just under $4,000 this time.
Bears took over from there, resulting in a slow retracement over the weekend until a spike lower was seen overnight. The previous resistance of $3,650 was briefly retested as support, likely leading Ethereum price action towards new highs this week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as a new higher high has been set after a brief spike to the $3,650 resistance turned support. Therefore, we expect ETH/USD to regain bullish momentum and move higher later this week.
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