- Ethereum price analysis is bullish today.
- ETH reversed around $4,800 overnight.
- ETH/USD setting higher low around $4,600.
Ethereum price analysis is bullish today as we currently see a higher low set at $4,600. Therefore, ETH/USD should continue higher and look to test previous highs around $4,800 later today.
The overall market saw bearish momentum take over again over the last 24 hours. Bitcoin declined by 1.41 percent, while Ethereum by 1.93 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 38 percent.
Ethereum price movement in the last 24 hours: Ethereum peaks at $4,800, moves to test downside again
ETH/USD traded in a range of $4,563.89 – $4,808.74, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19 percent and totals $19.31 billion, while the total market cap trades around $544.7 billion, resulting in the market dominance of 19.68 percent.
ETH/USD 4-hour chart: ETH establishing higher low at $4,600
On the 4-hour chart, we can see rejection for further downside for the Ethereum price action over the past hours, likely leading to another move higher later today.
Ethereum price has seen a strong advance over the past weeks. With the increase in price, a huge increase in transaction fees followed in a similar way as during the previous bull run in April/May.
As a new all-time high was set at $4,840 on Tuesday, we saw trading volume and volatility increase, as a sharp reaction below $4,500 was seen on Wednesday. Since then, ETH/USD saw another push higher, this time to the $4,800 area.
From the newly set lower local high, another drop followed this morning, indicating that bulls are not yet ready to set further highs. However, buying pressure has returned around $4,600 over the past hours, likely leading the Ethereum price action higher later today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we currently see a higher low getting set around $4,600 after another drop lower in the morning. Therefore, ETH/USD will likely head back towards previous highs around $4,800 over the next 24 hours.