- 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.
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 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.