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Ethereum Price Analysis: ETH slowly retraces to $4,000, targets $4,200 next?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD retraced to $4,000 yesterday.
  • Next resistance at $4,200.

Ethereum price analysis is bullish today as we expect more upside to follow over the next 24 hours after support was found at $4,000. Therefore, ETH/USD is likely ready to push to the next target at $4,200.

Ethereum Price Analysis: ETH slowly retraces to $4,000, targets $4,200 next? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen slight bearish momentum over the last 24 hours. The market leader, Bitcoin, has declined by 0.47 percent, while Ethereum has lost 0.56 percent. Meanwhile, Ripple (XRP) is the worst performer, with a loss of over 5 percent.

Ethereum price movement in the last 24 hours: Ethereum finds higher low above $4,000

ETH/USD traded in a range of $4,027.93 – $4,134.11, indicating mild volatility over the last 24 hours. Trading volume has declined by 26.58 percent, totaling $11.57 billion. Meanwhile, the total market cap trades around $481.9 billion, resulting in a market dominance of 20.38 percent.

ETH/USD 4-hour chart: ETH ready to move to $4,200?

On the 4-hour chart, we can see the Ethereum price establishing another higher low today as further downside was prevented by the $4,000 support.

Ethereum Price Analysis: ETH retraces to $4,000, targets $4,200 next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen bullish momentum return this week. After forming a consolidation in an increasingly tighter range earlier, ETH/USD finally set a higher high at $4,080 on Wednesday.

Brief retracement set a strong higher low at $3,900 before another spike higher was seen a day later. This time, Ethereum peaked at $4,160 and moved past additional previous lower highs.

Since then, the Ethereum price has slowly retraced once more. Support likely has been found above $4,000, meaning that we can expect ETH/USD to push to $4,200 next.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen another higher low set above $4,000. Therefore, ETH/USD is now ready to move higher to the next resistance at $4,200.

While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi 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.

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