logo

Ethereum Price Analysis: ETH rejects downside at $3,800, break higher to follow?

Ethereum Price analysis

TL;DR Breakdown

  • 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.

Ethereum Price Analysis: ETH rejects downside at $3,800, break higher to follow? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: ETH rejects downside at $3,800, break higher to follow?
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for Ethereum to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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.

Related News

Hot Stories

Vladimir Putin proposes a bank-free international digital payment system
Ethereum price analysis: Bearish current takes ETH to $1,212 as bulls struggle
Bitcoin price analysis: BTC struggling amid downtrend as price holds $16,548
Aave price analysis: AAVE spikes to $62.75 after a strong bullish trend
Bitcoin, Binance Coin, Hedera, and Chiliz Daily Price Analyses – 27 November Morning Prediction

Follow Us

Industry News

Twitter 2.0 to incorporate crypto payments? Elon shares the latest upgrades
Weekly crypto price analysis 26th Nov: BTC, ETH, XRP, BNB, ADA, DOGE
All about Prada's new NFT collection
3air: An Exciting Way for the Unbanked to Enter the World of Crypto
MicroStrategy, Micheal Saylor, and their Bitcoin Bet

Add Your Heading Text Here