- Ethereum price analysis is bullish today.
- ETH/USD set a higher low at $4,000 yesterday.
- Ethereum looking to break $4,200 today.
Ethereum price analysis is bullish today as another higher low was set yesterday, leading to a move higher overnight. Therefore, we expect ETH/USD to continue higher and break the $4,200 mark later today.
The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin up by 3.36 percent. Meanwhile, Ethereum gained 1.32 percent, while Solana (SOL) is the top performer with an 8 percent gain.
Ethereum price movement in the last 24 hours: Ethereum sets higher low at $4,000, returns below $4,200 resistance
ETH/USD traded in a range of $3,967.12 – $4,175.12, indicating substantial volatility over the last 24 hours. Trading volume has increased by 13.58 percent and totals $16.559 billion, while the total market cap trades around $488.65 billion, resulting in market dominance of 18.82 percent.
ETH/USD 4-hour chart: ETH ready to break $4,200?
On the 4-hour chart, we can see bullish momentum strong today as the $4,200 mark gets tested again.
Ethereum price action has seen a strong performance so far in October. After breaking out of a more than week-long consolidation on the 1st of October, a strong advance followed until the first resistance at $3,650.
Over th next weeks, two further waves higher were set. The first one took ETH/USD to just under $4,000, while the second one all-the-way to the previous all-time high at $4,400.
Since then, the Ethereum price has retraced again. Previous swing highs were retested over the weekend, with support found at $3,900. Yesterday, ETH/USD moved to $4,200, with no further upside seen, leading to another retracement.
Another higher low was set, pushing ETH back to $4,200 earlier today, which will likely lead to more upside over the next 24 hours.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as a new high thigh was set yesterday, leading ETH back to the $4,200 local resistance. Therefore, we expect ETH/USD to break higher over the next 24 hours.
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