- Ethereum price analysis is bullish today.
- ETH/USD continued higher overnight.
- The previous high at $4,650 was broken.
Ethereum price analysis is bullish today as we saw a new higher high set above $4,650 as a spike higher was seen overnight. Likely we will see ETH/USD continue higher, with the $4,800 mark as the next target.
The cryptocurrency market traded mostly with bullish momentum over the last 24 hours. Bitcoin gained 6.6 percent, while Ethereum 3.04 percent. Meanwhile, Crypto.com Chain (CRO) was the top performer, with a gain of almost 16 percent.
Ethereum price movement in the last 24 hours: Ethereum continued rally overnight, broke past the $4,650 previous high
ETH/USD traded in a range of $4,577.96 – $4,762.30, indicating strong volatility over the last 24 hours. Trading volume has increased by 18.97 percent, totaling $17.5 billion. Meanwhile, the total market cap trades around $558.27 billion, resulting in market dominance of 19.45 percent.
ETH/USD 4-hour chart: ETH peaking at $4,769?
On the 4-hour chart, we can see bullish momentum pausing for the past hours, potentially leading to a small retracement later today.
Ethereum price has seen steady growth continue over the past weeks. After a clean break above the $4,400 previous all-time high at the beginning of November, we saw ETH/USD peak at $4,650.
From there, the second half of last week was spent in a retracement. Support was finally found at $4,350, meaning a strong higher low set.
Over the weekend, bullish momentum returned, slowly pushing the Ethereum price action towards the previous all-time high at $4,650. Overnight, ETH/USD broke higher, breaking the all-time high without much hesitation. Over the next hours, ETH peaked at $4,769, which is the current all-time high.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as the previous high was broken overnight without much hesitation. Therefore, we expect ETH/USD to continue higher and reach the $4,800 price target next.