Ethereum price analysis is bullish today as we have seen a steady move higher yesterday and a quick lower overnight. Since then, ETH/USD has started to move higher as bulls prepare to break past the $1,600 resistance.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, gained 0.24 percent, while Ethereum gained almost 2 percent. Meanwhile, the rest of the market has traded with slight bearish momentum.
Ethereum price movement in the last 24 hours: Ethereum looks to retest its previous high
ETH/USD traded in a range of $1,552.74 to $1,584.26, indicating mild volatility over the last 24 hours. Trading volume has increased by 22.37 percent, totaling $10.46 billion, while the total market cap trades at around $193.38 billion, resulting in a dominance of 19.76 percent.
ETH/USD 4-hour chart: ETH targets $1,600 next?
On the 4-hour chart, we can see a slight move lower, followed by further bullish momentum over the past hours, indicating that more upside should soon follow.
An immediate move higher did not follow over the weekend, indicating that buyers are finally exhausted. Therefore, we do not expect another higher high to be set above $1,650 over the next few days.
Likely Ethereum will look to break past the $1,600 local resistance over the next 24 hours. However, since the momentum is weak, a lower high below $1,650 is expected next.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect further recovery to be made above the $1,600 closest resistance. Likely another local high will be set, but the $1,650 previous high will not be reached immediately.