- Ethereum price analysis is bullish today.
- ETH/USD saw heavy selling this morning.
- Ethereum supported by the $4,000 mark,
Ethereum price analysis is bullish today as the overall market saw heavy selling this morning. Therefore, we expect ETH/USD to recover some of the loss later today.
The overall market saw heavy selling over the last 24 hours, with Bitcoin down by 5.85 percent, while Ethereum lost 4.46 percent. Meanwhile, Shiba Inu (SHIB) and Aave (AAVE) have moved against the overall direction, with a gain of 23 and 29 percent, respectively.
Ethereum price movement in the last 24 hours: Ethereum falls to $4,000 after failing to move above $4,300 overnight
ETH/USD traded in a range of $3,960.37 – $4,299.15, indicating strong volatility over the last 24 hours. Trading volume has increased by 55 percent and totals $24.35 billion, while the total market cap trades around $475.6 billion, resulting in the market dominance of 19.2 percent.
ETH/USD 4-hour chart: ETH finds support at $4,000
On the 4-hour chart, we can see further downside rejected for the Ethereum price action as the $4,000 support is still strong.
Ethereum price action has struggled to see further upside over the past week. Retracement followed after a several-week rally that resulted in a retest of the $4,400 all-time high on the 21st of October.
After an initial move to $3,900, support was later found at $4,000, leading to another move to $4,200 on Monday. Yesterday, ETH/USD struggled to move past the $4,200 mark, resulting in a reversal to the downside.
After the initial drop lower, a sharp spike lower followed this morning. Ethereum price quickly moved back to the $4,000 support, with further downside rejected. Overall, ETH/USD will likely hold the support, meaning we can expect a recovery over the next 24 hours.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we can expect recovery after a strong selloff over the last hours. Therefore, as long as the $4,000 support holds, we expect ETH/USD to see further upside later today.
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