Ethereum price analysis is bullish today as we have seen a strong decline and clear reaction at the $1,550 support. Therefore, we expect ETH/USD to reverse soon and look to move back higher.
The market has traded with selling pressure over the last 24 hours. The leader, Bitcoin, lost 4.57 percent, while Ethereum 0.53 percent. Meanwhile, Solana (SOL) lost over 6 percent and was one of the top decliners from the major altcoins.
Ethereum price movement in the last 24 hours: Ethereum begins to consolidate above $1,550
ETH/USD traded in a range of $1,564.03 to $1,626.25, indicating substantial volatility over the last 24 hours. Trading volume has declined by 7 percent, totaling $19.56 billion, while the total market cap traded around $196 billion, resulting in market dominance of 19.69 percent.
ETH/USD 4-hour chart: ETH looks to recover?
The 4-hour chart shows buying pressure taking over Ethereum price action, indicating that we can expect recovery over the next days.
Ethereum price action has set a strong higher swing high over the last weekend after several days of strong upside momentum. Resistance as $1,800 was almost reached before ETH/USD began to reverse as sellers took over.
The first attempts to retrace yesterday resulted in a break below $1,720 previous support. Quick retest of upside and lower local high was set later in the day, setting up ETH for another push lower.
Further downside did follow quickly as a spike of over 10 percent was seen. This time, support was found at $1,550, meaning that a strong higher local low is set, and Ethereum price action is ready to continue higher once again.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen rejection from the $1,550 after a substantial drop earlier in the week. Therefore, ETH/USD is ready to reverse and look to rally towards new highs over the rest of the week.