Ethereum price analysis is bullish today as we have seen a clear higher low set at $1,050 yesterday and a steady push higher ever since. Additionally, the previous local high was broken earlier, indicating that bulls will attempt to break past the $1,250 resistance. Once that is done, ETH/USD will likely start to retrace the several-week downtrend over the rest of June.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.3 percent, while Ethereum gained 8.48 percent. The rest of the top altcoins have followed ETH, with some having over 10 percent gains.
Ethereum price movement in the last 24 hours: Ethereum fails to continue lower, sets higher local high
ETH/USD traded in a range of $1,087.64 to $1,215.69, indicating substantial volatility over the last 24 hours. Trading volume has increased by 3.37 percent to $16.26 billion, while the total market cap trades around $147 billion, resulting in a dominance of 15.42 percent.
ETH/USD 4-hour chart: ETH ready to break $1,250?
On the 4-hour chart, we can see bullish momentum still going after the previous high was broken earlier today. Likely Ethereum price will continue even higher over the next hours and look to break the $1,250 next major resistance.
Ethereum price action has seen its bearish momentum calm down over the past week. After the last swing low at $900 was reached on 18 June 2022, ETH/USD quickly recovered to $1,150, where another lower high was set.
However, after some more tests of upside, the following push lower did not last for long. A new low was reached at $1,050 yesterday, resulting in another reversal later in the day. A steady move back towards the previous high followed, indicating a shift in the overall momentum.
Overnight, ETH traded just below the previous local high, while further upside was tested later in the day. Eventually, the $1,200 previous local high was breached, setting a new higher local high as of now.
If further upside can be achieved later today, the overall market structure will become increasingly bullish. Additionally, if the $1,250 previous major resistance is breached, we can expect a clear shift in the current bearish several-week momentum.
From there, Ethereum price will likely look to set another higher low and continue even higher. Likely the $1,450 mark will be targeted next as it also previously acted as support.
Alternatively, if the $1,250 cannot be breached, ETH could see another downturn over the weekend. If the $1,050 current local low gets breached, we expect more tests of downside to follow later in June. In this scenario, we could see another test of the $900 low, which, if broken, would lead to further yearly lows set in July.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a failure to continue lower and push above the previous local high over the last 244 hours. Therefore, ETH/USD is ready to advance even higher and look to break the $1,250 next resistance. Once that is done, we expect a lot more recovery to follow next week, with the next target likely the $1,450 previous support and with more potential to the upside likely to follow as high as the $1,700 previous major support.