- Ethereum price analysis is bullish today.
- ETH/USD set higher local high.
- Next target at $4,400 all-time high.
Ethereum price analysis is bullish today as a new higher high has been set after bullish momentum overnight. Therefore we assume ETH/USD will continue higher and reach the $4,400 mark next.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 0.21 percent, while Ethereum 2.18 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of 18 percent.
Ethereum price movement in the last 24 hours: Ethereum returns above $4,200, targets $4,000 next
ETH/USD traded in a range of $4,110.77 – $4,253.68, indicating mild volatility over the last 24 hours. Trading volume has declined by 4.74 percent and totals $15.64 billion, while the total market cap trades around $499 billion, resulting in the market dominance of 18.93 percent.
ETH/USD 4-hour chart: ETH set to continue higher?
On the 4-hour chart, we can see slight consolidation above $4,200 for the last hours as Ethereum price action likely prepares for further upside today.
Ethereum price action has seen a steady increase over the past weeks. After a several-week consolidation above $2,750 at the beginning of September, a breakout followed on the 1st of October.
After three waves to the upside, ETH/USD reached the previous all-time high at $4,400 on the 21st of October. From there, a retracement followed, leading to a retest of previous highs as support around $3,900.
Since then, Ethereum has set a higher low and higher local high, indicating bullish momentum is slowly returning. Overall, we expect ETH/USD to move towards another test of the $4,400 all-time high over the next days.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as a higher high has been set after a strong push higher yesterday. Therefore, we expect ETH/USD to continue higher and target the $4,400 mark next.
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