- Ethereum price analysis is bullish today.
- ETH/USD retested the $4,100 previous low overnight.
- Buying pressure has returned this morning.
Ethereum price analysis is bullish today as we saw the $4,100 support prevent further downside again. Therefore, we expect ETH/USD to move higher over the next 24 hours.
The overall market has seen slight bearish momentum again over the last 24 hours. The market leader, Bitcoin, lost just 0.07 percent, while Ethereum was down by 1.51 percent. Meanwhile, Avalanche (AVAX) is the top performer from the major altcoins, gaining over 11 percent.
Ethereum price movement in the last 24 hours: Ethereum pivots lower again, finds support at $4,100
ETH/USD traded in a range of $4,107.13 – $4,344.84, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.25 percent and totals $24.12 billion, while the total market cap trades around $500 billion, resulting in market dominance of 19 percent.
ETH/USD 4-hour chart: ETH looks to recover?
On the 4-hour chart, we can see bullish momentum returning for the Ethereum price action, likely leading to a push higher later today.
Ethereum price action saw a substantial advance over the past weeks. A sharp drop followed after reaching a new all-time high at $4,840 on the 9th of November and retesting it a day later.
Support was found just below $4,500, with the market starting to consolidate in an increasingly tighter range over the following days. On Monday, ETH/USD set a higher high, breaking the consolidation in a bullish way.
However, a sharp reversal followed as the Ethereum price dropped almost 15 percent to the $4,100 mark. After a slight reaction higher later in the day, bearish momentum returned overnight, leading to the $4,100 mark being tested again.
Currently, the support holds, indicating that a much stronger recovery will likely follow over the rest of the week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we saw the $4,100 support prevent further downside again. Therefore, we expect ETH/USD to continue recovering over the next 24 hours.