- Ethereum price analysis is bullish today.
- ETH/USD set another high low today.
- The consolidation range continues to tighten.
Ethereum price analysis is bullish today as we saw another higher low set this morning. Therefore, we expect to see ETH/USD break higher later in the week and finally break a higher high.
The market overall has seen mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red, with a loss of 2.13 and 2.67 percent. Meanwhile, Hex (HEX) is the top performer today, with an increase of over 25 percent.
Ethereum price movement in the last 24 hours: Ethereum finds resistance at the descending trendline, retraces lower
ETH/USD traded in a range of $3,759.40 – $3,989.31, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 20.45 percent, totaling $19.65 billion. Meanwhile, the total market cap trades around $454.88 billion, resulting in a market dominance of 21.21 percent.
ETH/USD 4-hour chart: ETH looks to set another higher low around $3,800?
On the 4-hour chart, we can see a strong push lower overnight result in a spike slightly below $3,800, likely meaning another higher low has been set.
Ethereum price action has seen a steady decline over the past weeks. After a strong selloff on the 4th of December, a new swing low was found around $3,600.
From there, ETH/USD managed to reclaim 25 percent as it set a major lower high at $4,500. Over the following weeks, ETH slowly traded lower, reaching towards the previous low by the 13th of December.
A clear descending trendline of resistance was established along the way, indicating a strong bearish market structure. However, Since last week, we have seen the Ethereum price action set higher lows, meaning that the trading range is currently rapidly decreasing. Therefore, a break higher could be finally seen over the next days as sellers are finally exhausted.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect more upside to follow after a quick spike below $3,800. Likely ETH/USD is now ready to finally set a higher high, breaking above the several-week descending trendline.