- Ethereum price analysis is bullish today.
- ETH/USD declined to $3,200 yesterday.
- Consolidation seen since morning.
Ethereum price analysis is bullish today as we have seen support found at $3,200 late yesterday. Likely ETH/USD will move to test the $3,300 previous local high again as sellers are still exhausted.
The market has traded in the red over the last 24 hours. Ethereum has declined by 1.93 percent, while Ethereum by 0.92 percent. Meanwhile, the rest of the top altcoins follow close by.
Ethereum price movement in the last 24 hours: Ethereum fails to break lower, consolidates at $3,200
ETH/USD traded in a range of $3,179.14 – $3,299.23, indicating a substantial amount of volatility. Trading volume has declined by 17.9 percent, totaling $13.91 billion, while the total market cap trades around $386.8 billion, resulting in a market dominance of 19.63 percent.
ETH/USD 4-hour chart: ETH prepares for more upside?
On the 4-hour chart, we can see the Ethereum price action slowly trading higher so fast today, indicating that more upside could be tested by the end of the day.
Ethereum price action has seen substantial retracement during the first days of the week. From the last local lower high at $3,560, ETH/USD lost 11 percent until the $3,160 support.
Since a lower low was set, the overall market structure has turned bearish again. Therefore, we expect more downside to follow next week. However, likely more upside will be tested next to set another lower high.
Considering the price action development over the last days, ETH/USD should rally back towards $3,300 as sellers are still exhausted. From there, a reversal back to the downside should take place, making the Ethereum price action retrace even further.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen failure to break lower after more downside yesterday. Likely, support at $3,200 will be enough for ETH/USD to attempt another rally over the next days.