- Ethereum price analysis is bullish today.
- ETH/USD retested $3,250 support.
- Slight rejection for downside currently seen.
Ethereum price analysis is bullish today as we expect the current retest of the previous support level to end with a move higher. Therefore, ETH/USD should see more upside over the next 24 hours, likely leading to the $3,400 mark tested again.
The cryptocurrency market has seen a steady decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red, with a loss of 1.43 and 3.16 percent. Cardano (ADA) is the top performer, with a gain of over 6 percent.
Ethereum price movement in the last 24 hours: Ethereum peaks at $3,400, retraces again
ETH/USD traded in a range of $3,237.04 – $3,376.40, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 3.1 percent, totaling $10.78 billion, while the total market cap trades around $386.7 billion.
ETH/USD 4-hour chart: ETH retest $3,250 support
On the 4-hour chart, we can see the Ethereum price looking to set another higher low around $3,250.
Ethereum price saw recovery last week from the previous swing low at $2,950. A new strong higher high was set at $3,400, indicating a trend reversal.
From there, a higher low was set at $3,200 on the 14th of January, further strengthening the market structure. Bulls regained strength on the 15th of January, leading to a consolidation around $3,350.
Since further upside was not achieved, the Ethereum price spiked lower overnight, reaching the $3,250 previous support. For now, a small rejection for further downside can be seen, indicating an upcoming reversal.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect reversal from the $3,250 support late today. Likely ETH/USD will set another higher low and move higher from there.