- Ethereum price analysis is bullish today.
- ETH/USD found support above $4,400 yesterday.
- Another test of support is likely to follow.
Ethereum price analysis is bullish today as we saw rejection for more downside above the $4,400 previous resistance. Likely ETH/USD will reverse above it, meaning that furthe upside could be seen over the weekend.
The overall market has seen mixed results over the last 24 hours. Bitcoin and Ethereum are both up slightly, with a gain of 0.4 and 0.06 percent, respectively. Meanwhile, Binance Coin (BNB) is the top performer from the majors, with a gain of almost 9 percent.
Ethereum price movement in the last 24 hours: Ethereum tests support at $4,400
ETH/USD traded in a range of $4,426.62 – $4,582.42, indicating mild volatility over the last 24 hours. Trading volume has declined by 13.09 percent and totals $17.6 billion, while the total market cap trades around $532.2 billion, resulting in market dominance of 19.6 percent.
ETH/USD 4-hour chart: ETH to test $4,400 again before reversal?
On the 4-hour chart, we can see the Ethereum price action preparing to move lower again, likely leading to another test of the $4,400 support.
Ethereum price action has continued to set higher highs for several weeks now. After testing the all-time high at $4,400 for the second time at the end of October, a slightly higher high was set.
From there, ETH/USD retraced to $4,200, where a clear higher low was set. After some consolidation, another strong push high began on the 2nd of November. Ethereum quickly broke past the previous highs, eventually peaking at $4,670.
Since then, the Ethereum price action has slowly retraced. Yesterday, a spike to $4,400 previous resistance turned support resulted in a rejection for further downside. Likely, ETH/USD has set a new higher low, leading to more upside by the end of this week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect a reversal from the $4,400 support. However, another brief test of downside likely will be seen over the next hours as ETH/USD is not yet ready to start pushing higher.