- Ethereum price analysis is bullish today.
- ETH/USD set higher low at $4,200.
- Closest resistance at $4,400.
Ethereum price analysis is bullish today as a new swing higher low has been established at $4,200 after the second attempt to move lower failed. Therefore, we expect ETH/USD to continue higher later today, with the $4,400 mark as the closest target.
The cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin gained 2.45 percent, while Ethereum 1.99 percent. Meanwhile, Solana (SOL) and Shiba Inu (SHIB) lead the market with a 12 percent gain.
Ethereum price movement in the last 24 hours: Ethereum starts to move higher after $4,200 prevented more downside
ETH/USD traded in a range of $4,160.97 – $4,332.83, indicating mild volatility over the last 24 hours. Trading volume has increased by 11.58 percent and totals $18.3 billion, while the total market cap trades around $511 billion, resulting in the market dominance of 19.29 percent.
ETH/USD 4-hour chart: ETH set to breach $4,400 again?
On the 4-hour chart, we can see bullish momentum returning this morning, indicating we could see a strong push higher later today.
Ethereum price action saw a strong advance over the whole of October. After an initial push higher at the beginning of October, a new all-time high was eventually set at $4,460 on the 29th of October.
Since then, ETH/USD has slowly retraced to set another higher low before pushing higher. Yesterday, we saw the $4,200 mark offer some initial support. The second test of the support was seen overnight, reversing the market again.
Overall, the Ethereum price action indicates that we should see further upside this week. A new higher low has been set at $4,200 after a substantial retracement from the previous upswing. Therefore, the all-time high at $4,460 is likely to be broken over the next days.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as a new higher low has been established around $4,200. Therefore, we expect ETH/USD to head higher today and test the $4,400 mark next.