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Ethereum Price Analysis: ETH retests $4,000 as support, ready for further upside?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD peaked below $4,400 yesterday.
  • Retracement to $4,000 was seen late yesterday.

Ethereum price analysis is bullish today as a new higher low has likely been set after a retracement to retest the $4,000 mark as support. Unless ETH/USD breaks lower, we expect further upside to follow over the next 24 hours.

Ethereum Price Analysis: ETH retests $4,000 as support, ready for further upside? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours, as retracement was seen after a strong performance earlier this week. The market leaders, Bitcoin and Ethereum, lost 4.06 and 3.56 percent, while Solana (SOL) is the top performer, with almost an 8 percent gain.

Ethereum price movement in the last 24 hours: Ethereum spikes to $4,400, retraces to retest $4,000 as support

ETH/USD traded in a range of $4,032.48 – $4,366.09, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $26.12 billion, while the total market cap trades around $488.3 billion, resulting in the market dominance of 18.75 percent.

ETH/USD 4-hour chart: ETH ready to break $4,400?

On the 4-hour chart, we can see the Ethereum price action slowly regaining bullish momentum, likely leading top further upside today.

Ethereum Price Analysis: ETH retests $4,000 as support, ready for further upside?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong performance over the past month. After a strong major swing low was set above $2,750 at the end of September, a strong push started on the 1st of October. 

First, ETH/USD reached the $3,650 previous resistance, with a further move higher on the 13th of October, taking ETH to just under $4,000. Another retracement followed, with the $3,650 resistance retested as support. 

From there, the Ethereum price action pushed higher again on Wednesday, leading ETH to $4,400 yesterday. Since then, ETH/USD has seen a quick retracement to retest the $4,000 previous resistance as support, indicating that a new higher low has been set.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as a new higher low has been established above $4,000 after a rejection below $4,400. Therefore, we expect ETH/USD to regain bullish momentum and push higher once again.

While waiting for Ethereum to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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