Ethereum price analysis is bullish today as we have seen failure to drop further and a quick reversal over the past hours. ETH/USD has also broken past $1,500 resistance, indicating that retracement from the previous push lower has begun.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2 percent, while Ethereum 3.6 percent. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum fails to break lower
ETH/USD traded in a range of $1,427.73 to $1,524.34, indicating substantial volatility over the last 24 hours. Trading volume has increased by 20.64 percent, totaling $17 billion, while the total market cap trades around $185.75 billion, resulting in market dominance of 18.93 percent.
ETH/USD 4-hour chart: ETH begins to retrace
On the 4-hour chart, we can see the first strong spike above $1,500, indicating that more upside is to follow over the next few days.
Ethereum price action saw a strong lower swing high set last week after several days of retracement. Buying pressure stopped at $1,720m leading to further downside later in the week.
Selling continued for several days, leading to the $1,500 as the first stop. After some hesitance, ETH/USD tested even further downside, leading to the $1,425 support next.
From there, Ethereum price reversed, likely as sellers were exhausted again. Over the past hours, ETH/USD already broke past previous resistance, indicating that more upside is about to follow.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong lower swing low set and the first signs of reversal as the $1,500 resistance was broken. Therefore, we expect ETH/USD to continue higher later in the week and look to set another swing lower high.