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Ethereum Price Analysis: ETH breaks $4,400 major resistance, strong advance to follow?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD saw a higher low set at $4,200 yesterday.
  • Previous swing high at $4,400 broken.

Ethereum price analysis is bullish today as we expect further upside to follow after a break above the previous high at $4,400. Additionally, ETH/USD set a clear higher low yesterday, opening up room for a strong advance today.

Ethereum Price Analysis: ETH breaks $4,400 major resistance, strong advance to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin up 3.31 percent. Ethereum followed with a gain of 3.21 percent, while Avalanche and Binance Coin are the top performers from the major altcoins.

Ethereum price movement in the last 24 hours: Ethereum sets higher low at $4,200, rallies above $4,400 previous resistance

ETH/USD traded in a range of $4,176.18 – $4,423.14, indicating substantial volatility over the last 24 hours. Trading volume has declined 7.95 percent, totaling $19 billion. Meanwhile, the total market cap trades around $523.2 billion, resulting in market dominance of 19.82 percent.

ETH/USD 4-hour chart: ETH currently breaking new high

On the 4-hour chart, we can see the Ethereum price currently pushing forward after a break above the $4,400 resistance, indicating bullish reversal is in play.

Ethereum Price Analysis: ETH breaks $4,400 major resistance, strong advance to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen consolidation in an increasingly tighter range this week as both a lower high and higher low were set. After peaking at $4,867 earlier this month, a strong retracement took the market to the $3,950 mark, where the consolidation started.

After a reaction to $4,438 on the 20th of November, ETH/USD saw a higher low set at $4,050, while a lower low was established below $4,400 a day later. From there, Ethereum moved to $4,200, where a strong higher low was set, indicating a break higher could follow.  

Bullish momentum took over the Ethereum price action again late yesterday, leading to a strong advance overnight. During the first half of today, the $4,400 major resistance was reached, with a break higher following over the past hours. Likely we will see ETH/USD continue even higher, sending signals that the bearish momentum over the past weeks has potentially ended.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as a strong rally began overnight after a higher low was set above $4,200. Therefore, we expect ETH/USD to set a strong higher high over the next 24 hours.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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