- Ethereum price analysis is bullish today.
- ETH/USD consolidated overnight.
- Ethereum rejected further downside earlier.
Ethereum price analysis is bullish today as we saw a quick spike lower to $3,700 immediately getting rejected back above previous support. Therefore, we expect ETH/USD to continue higher and recover the loss seen over the past days.
The cryptocurrency market has traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 1.19 percent, while Ethereum by 1.74 percent. The rest of the top altcoins have performed with similar results.
Ethereum price movement in the last 24 hours: Ethereum consolidates above $3,775, briefly spikes to $3,700
ETH/USD traded in a range of $3,704.87 – $3,902.18, indicating substantial volatility over the last 24 hours. Trading volume has increased by 8.87 percent, totaling $16.4 billion. Meanwhile, the total market cap trades around $451.74 billion, resulting in a market dominance of 20.13 percent.
ETH/USD 4-hour chart: ETH set to recover?
On the 4-hour chart, we can see further downside rejected over the past hours, indicating that we should see recovery over the next 24 hours.
Ethereum price action saw bullish momentum return over the past weeks. A series of higher lows were set until the previous high was broken on the 21st of December.
From there, ETH/USD continued higher with a quick spike to $4,160 last Thursday. However, bulls failed to push the market any higher over the weekend, resulting in a consolidation formed.
Consequently, a strong break lower began late on Monday, leading to the $3,775 mark tested yesterday. Consolidation was formed above the support overnight and continued today until a quick spike lower took the Ethereum price to $3,700.
Bulls quickly rejected any further selling, leading ETH/USD to return back to the previous consolidation. Likely, sellers are currently exhausted, meaning that ETH is ready for a recovery.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as any further downside was rejected over the last hours. Therefore, ETH/USD is now ready to reverse and retrace some of the losses seen earlier this week.