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Ethereum Price Analysis: ETH sets higher low at $4,500, ready to continue higher?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • Higher low set at $4,500 overnight.
  • ETH/USD ready to continue testing new all-time highs.

Ethereum price analysis is bullish today as a strong higher low was set overnight after failing to breach the previous high. ETH/USD is now ready for another rally, likely leading to further all-time highs reached over the next 24 hours.

Ethereum Price Analysis: ETH sets higher low at $4,500, ready to continue higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a decline over the last 24 hours as heavy selling was seen overnight. Bitcoin lost 2.32 percent, while Ethereum 0.42 percent. Meanwhile, Hex (HEX) was the top performer, with a gain of 10.37 percent.

Ethereum price movement in the last 24 hours: Ethereum sets higher low at $4,500 after heavy selling overnight

ETH/USD traded in a range of $4,485.09 – $4,859.50, indicating strong volatility over the last 24 hours. Trading volume has increased by 33.85 percent and totals $24 billion, while the total market cap trades around $558.56 billion, resulting in the market dominance of 20.31 percent.

ETH/USD 4-hour chart: ETH ready to test the all-time high again?

On the 4-hour chart, we can see bullish momentum taking over Ethereum price action this morning as sellers are exhausted after a sharp drop overnight.

Ethereum Price Analysis: ETH sets higher low at $4,500, ready to continue higher?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has continued to set higher highs over the past weeks. After setting a new all-time high at $4,650 on the 3rd of November, a retracement followed to $4,400.

Briefly after the higher low was set, bulls started pushing ETH/USD higher, resulting in a new higher high set at $4,840. After an initial retracement to retest the $4,650 previous resistance as support, a brief attempt to break higher was seen.

However, the $4,840 current all-time high was not broken, leading to a massive selloff overnight. Ethereum price spiked below $4,500, with buyers quickly retuning. Since then, ETH/USD has seen bullish momentum return this morning, likely leading to more upside today.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as a strong higher low was set overnight after a strong selloff. Therefore, ETH/USD is now ready to break further upside, with the $5,000 mark as the next target.

While waiting for Ethereum to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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