- Ethereum price analysis is bullish today.
- ETH/USD saw a strong rally overnight.
- Resistance at $4,400 tested again.
Ethereum price analysis is bullish today as we saw a strong rally overnight, leading to a retest of the $4,400 previous all-time high. Considering that ETH/USD has established a strong base over the past days, we expect a breakout to follow today.
The overall market traded mostly in the green over the last 24 hours. Bitcoin lost 0.48 percent, while Ethereum gained 3.94 percent. Meanwhile, Axie Infinity (AXS) is the top performer today, with a gain of over 11 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies back towards the $4,400 previous all-time high
ETH/USD traded in a range of $4,129.20 – $4,400.97, indicating substantial volatility over the last 24 hours. Trading volume has increased by 4.23 percent and totals $24.82 billion, while the total market cap trades around %510.57 billion, resulting in the market dominance of 19.63 percent.
ETH/USD 4-hour chart: ETH ready to break new all-time highs?
On the 4-hour chart, we can see bullish momentum still strong for Ethereum price action, indicating a breakout above $4,400 resistance could follow today.
Ethereum price action has seen consolidation over the past week after the all-time high at $4,400 was tested on the 21st of October. The following retracement set a higher low at $3,900, with the $4,200 mark established as a local resistance.
After ETH/USD failed to reach further upside on Tuesday, a sharp decline back to $3,900 followed on the 27th of October. More downside was not seen, leading to a return back above $4,000.
Yesterday, Ethereum started to advance again, with the $4,400 all-time high reached this morning. Currently, a slight rejection can be seen, however, we will likely see another attempt to break higher later today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as we saw a strong higher high established this week around $4,000, followed by a strong push higher over the last 24 hours. Therefore, we expect ETH/USD to see further upside over the next 24 hours.
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.