Ethereum price analysis is bullish today as we have seen consolidation below $1,300 overnight and a quick return higher over the last hours. Therefore, ETH/USD should continue higher as another higher low is set and look to break above the $1,350 resistance.
The cryptocurrency market has seen mixed results over the last 24 hours. The leader, Bitcoin, gained 1.27 percent, while Ethereum 1.4 percent. Meanwhile, Ripple (XRP) was the worst performer for the major altcoins with over a 5 percent decline.
Ethereum price movement in the last 24 hours: Ethereum ends consolidation with a move higher
ETH/USD traded in a range of $1,275.63 to $1,325.24, indicating mild volatility over the last 24 hours. Trading volume has increased by 45.91 percent, totaling $15.41 billion, while the total market cap trades around $162.38 billion, resulting in market dominance of 17.35 percent.
ETH/USD 4-hour chart: ETH prepares to break $1,350
On the 4-hour chart, we can see Ethereum price action moving higher again, likely leading above $1,350 previous resistance by the end of the day.
Ethereum price action has seen a decline in bearish momentum over the past week. After the last wave lower, new support was found at $1,225, from which ETH/USD quickly reacted higher.
Lower high was eventually set at $1,350 and retested later last week. Over the weekend, ETH slowly reversed, moving back towards the previous low as bulls were not yet ready to break the $1,350 resistance.
Late yesterday, Ethereum price had already reached its previous high of around $1,280, where consolidation began overnight. Since further downside was rejected and ETH/USD has already started to push higher, we expect a break higher to follow soon. Once that is done, ETH should see a quick rally as high as the $1,400 resistance.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a higher low set and steady consolidation overnight. Therefore, we assume ETH/USD has set a higher low and is ready to continue even higher later this week.