Ethereum price analysis is bullish today as we expect another higher low to soon be set after a strong push higher yesterday and previous resistance retested at $1,175. From there, ETH/USD quickly declined to $1,075, where another higher low should be soon set.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.03 percent, while Ethereum 0.86 percent. Meanwhile, the rest of the market has seen similar results over the last 24 hours.
Ethereum price movement in the last 24 hours: Ethereum sets a strong higher high at $1,175
ETH/USD traded in a range of $1,086.83 to $1,165.68, indicating strong volatility over the last 24 hours. Trading volume has increased by 31.7 percent, totaling $15.38 billion, while the total market cap trades around $132.1 billion, resulting in a dominance of 15 percent.
ETH/USD 4-hour chart: ETH ready to rally further?
On the 4-hour chart, we can see strong retrace and support found at the $1,075 mark, indicating that another higher low is set. Therefore, ETH/USD should soon reverse and look to test even further upside.
Ethereum price action has seen a slow reversal from the previous major swing low at $1,000 last week. After several days of consolidation, ETH/USD began to push higher and broke out of $1,100 previous resistance.
Further upside followed yesterday, with only minor pauses before each push higher throughout the day. Overnight, the next resistance at $1,175 was already reached, indicating that bullish momentum is powerful right now, and the medium-term market structure could soon start to turn bullish again.
This morning, quick retrace followed, leading to a very quick 8 percent retrace, with support found at $1,075. Since further downside has not yet followed and a slight reaction higher is seen, we expect a reversal back to the upside to follow soon. From there, likely Ethereum price will set another strong higher high, which would further indicate strong bullish market sentiment.
Alternatively, if ETH/USD fails to reverse and further downside follows back to the $1,050 mark, we could see the bullish momentum end soon. In this case, we can expect a break below the $1,000 major support by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong higher high set at $1,175 and a quick retrace earlier today. This means that both a strong higher high and higher low has been set, and bulls are preparing for another strong rally higher over the week. Likely the next target will be the $1,250 resistance.