- Ethereum price analysis is bullish today.
- ETH/USD retested the $4,500 late yesterday.
- Bullish momentum returned overnight.
Ethereum price analysis is bullish today as we saw previous low retested with a rejection for further downside, leading to move higher overnight. Therefore, we expect ETH/USD to continue towards the $4,840 mark later today.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 2.33 percent, while Ethereum 2.68 percent. Meanwhile, Crypto.com Chain (CRO) is among the top performers, with a gain of over 18 percent.
Ethereum price movement in the last 24 hours: Ethereum retests $4,500, rallies above previous local high
ETH/USD moved in a range of $4,516.94 – $4,744.78, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 6.92 percent and totals $14.23 billion, while the total market cap trades around $560.58 billion, resulting in market dominance of 19.47 percent.
ETH/USD 4-hour chart: ETH breaks above $4,700 local high as bullish momentum returns this morning
Looking at the 4-hour chart, we can see the Ethereum price action moving higher over the past hours, with the previous local high broken.
Ethereum price has seen a slow decline over the past week. After a new all-time high was set at $4,840 on the 9th of November and retested on the 10th, a substantial drop lower followed the $4,460 mark.
Since then, ETH/USD has traded in an increasingly tighter range, with both lower highs and higher lows set. After finding resistance at $4,700 early in the weekend, a drop lower followed yesterday back to $4,500 previous low.
From there, the Ethereum price saw a bullish momentum return. Overnight, ETH/USD breached the previous local high, setting up for more upside later today to follow.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we saw a higher high set above $4,700 after a strong push higher and the previous low retested. Therefore, ETH/USD should continue high today, with the previous all-time high at $4,840 likely tested next.