- Ethereum price analysis is bullish today.
- ETH/USD set a strong lower low at $3,650.
- Retracement is currently in progress.
Ethereum price analysis is bullish today as we expect a retracement to look for another lower high over the next 24 hours. Since ETH/USD rejected further downside overnight, the market has indicated that further downside should not follow without a substantial pause.
Overall, the crypto market has seen slight bearish momentum over the last 24 hours. The market leader, Bitcoin, declined by 1.7 percent while Ethereum by 2.84 percent. Meanwhile, Dogecoin (DOGE) dominates the market with over a 22 percent increase, which slowly retraces as of now.
Ethereum price movement in the last 24 hours: Ethereum sets strong lower low at $3,650, begins to consolidate
ETH/USD traded in a range of $3,680.61 – $3,921.97, indicating substantial volatility over the last 24 hours. Trading volume has increased by 61.41 percent, totaling $26.69 billion, while the total market cap trades around $449 billion, resulting in a market dominance of 20.94 percent.
ETH/USD 4-hour chart: ETH prepares to retrace?
On the 4-hour chart, we can see the Ethereum price action rejecting further downside over the last hours, indicating an upcoming retracement.
Ethereum price action has seen strong volatility over the last weeks. After attempting to reach the previous all-time high at the end of November, ETH/USD peaked below $3,800.
From there, a massive drop to $3,600 was seen on the 4th of November, clearly indicating the return of bearish momentum. A strong lower high was set after a reaction higher to $4,500 last week.
Bearish momentum returned soon after, initially finding support at the $3,900 mark and setting another lower high before breaking lower. The next push lower was seen Yesterday, taking the Ethereum price to the $3,650 mark. Since then, ETH/USD has started to consolidate as more downside got rejected overnight, indicating an upcoming retracement.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect recovery to follow after further downside was rejected overnight. Therefore, ETH/USD should see a strong retracement over the next days as bulls look to set another lower high.