Ethereum price analysis is bullish today, as we have seen another quick drop and a quick reaction higher over the past hours. Therefore, ETH/USD is ready to reverse and look to rally further.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.11 percent, while Ethereum 0.11 percent. Meanwhile, the rest of the market moved with similar slightly bullish results.
Ethereum price movement in the last 24 hours: Ethereum fails to reach $1,300
ETH/USD traded in a range of $1,307.07 to $1,329.07, indicating mild volatility over the last 24 hours. Trading volume has declined by 17.74 percent, totaling $5.53 billion, while the total market cap traded around $162.7 billion, resulting in market dominance of 17.23 percent.
ETH/USD 4-hour chart: ETH looks to rally further?
On the 4-hour chart, we can see buying pressure moving Ethereum price higher, likely as another lower local high will be set around $1,350.
Ethereum price action has traded within consolidation from $1,250 to $1,400 over the past weeks as the market was indecisive on where to move next. However, when considering the massive decline during the middle of September, we still expect reversal to the upside to follow.
First, ETH/USD needs to clearly break the $1,400 major resistance, as it is the current several-week high that would confirm bullish trend. Second, ETH needs to set a strong higher high around the current price area as a base from which to attempt the breakout.
Likely Ethereum price has found support at $1,300. If we can see strong bullish momentum overnight, further higher high should be attempted later next week. In case further upside does not follow, decline will be seen over the next days, likely to set a deeper higher low.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen failure to breach $1,300 and a quick reaction higher. Therefore, selling pressure should be exhausted again, opening the way for ETH/USD to retrace even further.