- Ethereum price analysis is bullish today.
- ETH/USD peaked at $3,950 yesterday.
- Resistance at $4,350 is currently tested.
Ethereum price analysis is bullish today as we expect further upside to follow after a strong rally over the last 24 hours to the $4,350 mark. However, a slight retracement could follow over the next hours as ETH/USD prepares for the next move up.
The overall market traded in the green over the last 24 hours, with Bitcoin up by 2.86 percent. Meanwhile, Ethereum gained 4.28 percent, with the rest of the top altcoins following.
Ethereum price movement in the last 24 hours: Ethereum regains loss, moving back to $4,350 resistance
ETH/USD traded in a range of $4,138.29 – $4,338.68, indicating strong volatility over the last 24 hours. Trading volume has declined by 25 percent and totals $17.56 billion, while the total market cap trades around $512 billion, resulting in market dominance of 19.52 percent.
ETH/USD 4-hour chart: ETH to break above $4,350?
On the 4-hour chart, we can see slight consolidation below the $4,350 resistance after a strong rally over the last 24 hours.
Ethereum price action has seen strong selling pressure return this week. After a new all-time high was set at $4,850 on the 9th of November, ETH/USD moved into a consolidation for several days.
Break lower followed on 16th of November, leading ETh to the $4,100 mark initially. After a slight reaction higher to $4,350, another drop followed to $3,950 on the 18th of November.
Early yesterday sharp recovery followed, quickly regaining the loss seen the previous day as resistance at $4,350 was reached. Currently, the Ethereum price consolidates below the resistance, potentially preparing to break higher.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect further recovery to follow above the $4,350 resistance. Likely ETH/USD will see a slight retracement first as bulls are exhausted after a strong rally over the last 24 hours.