- Ethereum price analysis is bullish today.
- ETH/USD set a higher low at $3,700 yesterday.
- Bullish momentum returned overnight.
Ethereum price analysis is bullish today as we expect more upside to follow after several rejections of downside were seen over the last 24 hours. Likely ETH/USD is finally ready to break above the current high at $4,100.
The crypto market overall has traded with bullish momentum over the last 24 hours. The market leader, Bitcoin, has gained 0.01 percent, while Ethereum 3.56 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of almost 14 percent.
Ethereum price movement in the last 24 hours: Ethereum rejects downside, moves towards $4,000
ETH/USD traded in a range of $3,711.42 – $3,986.08, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 37.93 percent, totaling $26.98 billion, while the total market cap trades around $470.38 billion, resulting in a market dominance of 21.32 percent.
ETH/USD 4-hour chart: ETh targets $4,100 previous high next?
On the 4-hour chart, we can see the Ethereum price action moving higher so far today as bulls are likely ready to finally set a higher high.
Ethereum price action has seen bearish momentum slowly push the market towards the previous major swing low around $3,600 over the past weeks. Since the previous high at $4,500, ETH/USD has retraced almost 20 percent, potentially meaning that bears are now exhausted.
After reaching the current support at $3,650 on the 13th of December, Ethereum retested it with a quick spike lower on Wednesday. From there, a strong rebound to $4,100 followed, where another lower high was set.
However, the following retracement set a higher low above $3,700, as further downside was strongly rejected. Over the last 24 hours, the Ethereum price action has started to push forwards, likely meaning we will see a test of the previous high later in the weekend.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we have seen bullish momentum return over the last 24 hours after downside was rejected around $3,700. Therefore, we expect ETH/USD to move towards the previous high at $4,100 over the next 24 hours.