Ethereum News

Ethereum Price Analysis: ETH returns to $4,200, ready to break higher?

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD set higher low at $3,900.
  • Next resistance at $4,400.

Ethereum price analysis is bullish today as a higher low was set on Friday, leading to more upside yesterday. Therefore, we expect ETH/USD to continue moving higher and target the $4,400 current swing high early next week.

Cryptocurrency heat map. Source: Coin360

The crypto market traded mostly in the green over the last 24 hours, with Bitcoin up by 1.17 percent. Meanwhile, Ethereum has gained 3.39 percent, while Shiba Inu (SHIB) is the top performer, with a gain of 40 percent.

Ethereum price movement in the last 24 hours: Ethereum sets higher low at $3,900, starts to move higher again

ETH/USD traded in a range of $3,944.63 – $4,185.73, indicating mild volatility over the last 24 hours. Trading volume has declined by 14.77 percent and totals $14.58 billion, while the total market cap trades around $484.77 billion, resulting in market dominance of 19.02 percent.

ETH/USD 4-hour chart: ETH targets $4,400 today?

On the 4-hour chart, we can see Ethereum price action regaining bullish momentum, likely leading back to the $4,400 current swing high early next week.

ETH/USD 4-hour chart. Source: TradingView

Ethereumn price action has seen strong performance in October. After a several-week consolidation above $2,750 at the end of September, a sharp break higher was seen on the 1st of October.

ETH/USD peaked at $3,650 initially, with another push higher during the middle of the month to just below the $4,000 mark. From there, ETH retraced to retest the $3,650 high as support before pushing higher for the third time.

This time, the Ethereum price reached the $4,400 all-time high on Thursday. Over the next 24 hours, ETH/USD retraced to set a higher low at $3,900 before slowly starting to trade higher again.

Ethereum Price Analysis: Conclusion

Ethereum price analysis is bullish today as a new higher low was set yesterday, leading to more upside overnight. Therefore, we expect ETH/USD to continue higher and move above the $4,200 local resistance.

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.

This post was last modified on October 24, 2021 11:52 am

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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